Merchant sales volume for the eLearning market increased by 350% since 2019 for education and training providers using white-label Buy Now Pay Later (BNPL) Splitit.
According to a press release on Wednesday (September 21), Splitit has more than 100 customers offering online or offline training, including upGrad, Simplilearn, Fortuna Admissions, ThinkLouder and Knowledgehut.
“The challenges of recent years have caused many to re-evaluate their lives, focus and priorities,” said Nandan Sheth, Splitit’s CEO, in the press release. “Whether they’re seeking professional development, retraining for a new career path, or personal growth, Splitit makes it easier by allowing students to spread the cost of education over several months.”
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He added that for online courses priced between $2,000 and $5,000, Splitit has installment options in four, six, or 12 payments. Approval rates average over 80%.
With one month left in the third quarter of this year, Splitit has already seen quarter-over-quarter growth in dealer sales of 225%, according to the press release.
On average, students spend $1,500 on 8.5 installments in 2022, compared to $1,240 on 7.26 in 2021.
Myleeta AgaWilliams, CEO of upGrad International, Asia’s largest higher EdTech company, said his corporate mission is to “transform the lives and careers of students worldwide” and be their lifelong learning partner.
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“Working with a partner like Splitit gives our students the flexibility to spread the cost of education over a longer period of time without additional interest or fees. This flexibility helps reduce the extra workload, allowing students to focus on learning,” said AgaWilliams.
Splitit’s Installment-as-a-Service platform offers easy installment payments through a private label experience. Instead of issuing new credit, Splitit “unlocks existing consumer credit on payment cards” to simplify registration. Splitit also supports larger ticket sizes, which is important for the eLearning category.
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