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The company sees merchant sales growing nearly 350% from 2019 to 2022 in the digital education and professional development segment.
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Splitit has a growing list of digital education vendors including upGrad, Simplilearn, Fortuna Admissions, ThinkLouder and Knowledgehut.
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On average, students spend $1,500 over 8.5 installments in 2022, with certain courses costing more than $6,000
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While Splitit is available in 100+ countries and supports 100+ currencies, over 60% of Splitit’s volume comes from the US, but the company is seeing increased growth in the education space Australia, Canada, IndiaGreat Britain and South East Asia.
ATLANTA, September 21, 2022 /PRNewswire/ — Splitit (ASX:SPT, OTCQX:SPTTY), the white-label buy-now-pay-later provider, today announced that it has increased merchant sales volume (MSV) for its education and training providers since Up 350% in 2019 Ideal for global education and training services, Splitit’s white-label installment payment platform makes it easier to spread the cost of higher education fees over several months without the need for a new loan. In addition, consumers benefit from a smooth user experience with approval rates of over 80%. The company has over 100 customers delivering online or offline training including upGrad, Simplilearn, Fortuna Admissions, ThinkLouder and Knowledgehut.
Splitit sees almost 350% growth in trading volume in the e-learning segment from 2019 to 2022.
Interest in digital learning and professional development has gained momentum in recent years, fueled by the pandemic and the evolution of technology. The global e-learning market has paid off $215 billion in 2021 and is It is expected to grow 13% annually to reach $645 billion by 2030.
COVID-19 and recent macroeconomic conditions have also led people to seek self-improvement through online learning. According to latest Randstad workstation monitor report, 76% of employees surveyed said additional training and development is important to their career advancement. Online learning can meet the need for upskilling or reskilling to keep up with a growing skills gap in many industries.
“The challenges of recent years have caused many to re-evaluate their lives, focus and priorities,” said the Splitit CEO Nandan Sheth. “Whether they’re looking to advance their careers, retrain for a new career path, or seek personal growth, Splitit makes it easier by allowing students to spread the cost of education across multiple months. Splitit offers the possibility to pay in 4, 6 and 6 months for online courses that cost between $2,000 to $5,000 with approval ratings averaging over 80%.”
“Our mission at upGrad is to transform the lives and careers of learners around the world while becoming their trusted partner for lifelong learning,” said Myleeta AgaWilliams, CEO of upGrad International, Asia largest higher EdTech companies: “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 load, allowing students to focus on learning.”
The company examined data trends from its top 25 learning and professional development clients over the past few years to reveal:
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Through August, Merchant Sales Volume (MSV) doubled in 2022 compared to MSV processed in 2021.
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With one month left in Q3 2022, Splitit has already seen a 225% increase in quarter-over-quarter MSV growth.
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On average, students spend $1,500 over 8.5 rates in 2022 compared to $1,240 over 7.26 in 2021.
Splitit’s Installment-as-a-Service platform is a simple way to offer installment payments through a private label experience. Instead of issuing new credit, Splitit unlocks existing consumer credit on payment cards to make signing up easier. Splitit also supports larger ticket sizes, which is crucial for the category where average orders range from a few hundred dollars and up $6,000 for its education and professional development clients.
To learn more about Splitit’s Installment-as-a-Service platform, visit: www.split.com
About Splitit
Splitit is powering the next generation of Buy Now, Pay Later (BNPL) through its private label Installment-as-a-Service platform. Splitit solves the challenges businesses face with legacy BNPL and unlocks BNPL at the point of sale for card networks, issuers and acquirers via a single network API. Splitit’s Installment-as-a-Service platform mitigates legacy BNPL issues like declining conversion funnel, checkout clutter and lack of control over merchant customer experience, while restoring the power to merchants to nurture and nurture customers keep. Drive conversion and increase average order value. Splitit’s white-label BNPL is the easiest installment option for merchants to adopt, integrate and operate, while providing a clean, simplified experience embedded in their existing checkout flow. headquarters in AtlantaSplitit has a research and development center in Israel and offices in London and Australia. Splitit is listed on the Australian Securities Exchange (ASX) under the ticker code SPT and also trades on the US OTCQX under the tickers SPTTY (ADRs) and STTTF (common shares).
contact information
Brian Blank, Michael McMullan
[email protected] Berns Communications Group, on behalf of Splitit
+1 760 917 3321 [email protected]
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SOURCE Splitit United States of Americainc
