Merchant sales volume for the e-learning market has grown 350% since 2019 for education and professional development providers using Splitit white-label buy now, pay later (BNPL).
Splitit has more than 100 clients offering online or offline training, including upGrad, Simplilearn, Fortuna Admissions, ThinkLouder, and Knowledgehut, according to a Wednesday, September 21. Press release.
“The challenges of the past few years have caused many people to re-evaluate their lives, their focus and their priorities,” said the CEO of Splitit. Nandan Sheth said in the press release. “Whether they’re looking to improve their career skills, transition into a new career, or grow personally, Splitit makes it easy by allowing students to spread the cost of education over several months.”
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He added that for online courses ranging in price from $2,000 to $5,000, Splitit offers installment options to pay in four, six or 12 installments. Its approval ratings average over 80%.
One month into the third quarter of this year, Splitit has already seen a 225% increase in quarterly merchant sales growth, according to the release.
On average, students spend $1,500 over 8.5 installments in 2022, compared to $1,240 over 7.26 in 2021.
Myleeta AgaWilliams, CEO of upGrad International, Asia’s largest superior EdTech company, said its mission is to “transform the lives and careers” of students around the world and stay with them for life in as a learning partner.
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“Working with a partner like Splitit gives our students the flexibility to spread the costs of education over time without interest or additional fees. This flexibility helps ease the extra burden allowing students to focus on learning” , said AgaWilliams.
Splitit’s Installments-as-a-Service platform offers easy installment payments through a merchant-branded experience. Instead of creating new loans, Splitit “unlocks existing consumer credit on payment cards” to make enrollment easier. Splitit also supports higher ticket sizes, which is important for the eLearning category.
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