Splitit, the white-label Buy Now, Pay Later provider, revealed today that merchant sales volume (MSV) for its education and professional development providers has increased by 350% since 2019. Splitit's white-label installment platform is ideal for global education and professional development services, making it easier to spread the cost of higher ticket education fees over several months without needing a new loan. Additionally, consumers benefit from a zero friction user experience delivering approval rates upwards of 80%. The company has over 100 clients offering online or offline training, including upGrad, Simplilearn, Fortuna Admissions, ThinkLouder and Knowledgehut.

The interest in digital learning and professional development has been gaining momentum over the last few years, fueled by the pandemic and the evolution of technology. The global e-learning market was worth $215 billion in 2021 and is expected to grow 13% annually to reach $645 billion by 2030.

 COVID-19 and recent macroeconomic conditions also have people looking for self-improvement through online learning. According to the latest Randstad Workplace Monitor report, 76% of employees surveyed say additional training and development are important to their career development. Online learning can address the need for upskilling or reskilling to keep up with a growing skills gap in many industries.

"The challenges of the last few years have many re-evaluating their lives, focus and priorities," said Splitit CEO Nandan Sheth. "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. Splitit offers the option to pay in 4, 6 and 12 for online courses costing between $2,000 to $5,000 with approval rates averaging over 80%."

"Our mission at upGrad is to transform the lives and careers of learners across the globe while becoming their trusted lifelong learning partner," said Myleeta AgaWilliams, CEO of upGrad International, Asia's largest higher EdTech company, "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."