Merchant sales volume for the eLearning market rose by 350% since 2019 for education and professional development providers using white-label buy now, pay later (BNPL) Splitit.
Splitit has more 100 clients offering online or offline training, including upGrad, Simplilearn, Fortuna Admissions, ThinkLouder and Knowledgehut, according to a Wednesday (Sept. 21) press release.
“The challenges of the last few years have many re-evaluating their lives, focus and priorities,” Splitit CEO Nandan Sheth said in the press release. “Whether they are looking to upskill in their career, reskill to a new career path or personal development, Splitit is making it easier by allowing students to spread the cost of education over several months.”
See also: Splitit Drives Installments-as-a-Service Growth With A$10.5M Funding
He added that for online courses ranging in price from $2,000 to $5,000, Splitit has installment options to pay in four, six or 12 payments. Its approval rates average more than 80%.
With one month left in the third quarter of this year, Splitit has already seen a 225% increase in quarter-on-quarter growth in merchant sales, according to the release.
On average, students are spending $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 higher EdTech company, said its company mission is to “transform the lives and careers” of students worldwide and stick with them for life as a learning partner.
Read more: Splitit Partners With letus to Bring Installment Billing to Rental Market
“Working with a partner like Splitit allows our students the flexibility to spread the costs of education over time with no additional interest or fees. This flexibility helps alleviate added burden allowing students to focus on learning,” AgaWilliams said.
Splitit’s installments-as-a-service platform offers easy installment payments through a merchant-branded experience. Instead of originating 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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