FinTech: ASX-Listed, Buy Now Pay Later Startup Sezzle Notches Up 1M Customers
And yes, those customers are in the United States and Canada.
The Sezzle payments platform, which enables credit-starved shoppers to “buy now, pay later,” now boasts of one million customers across the United States and Canada.
Launched in 2016, it took Sezzle Inc (ASX: SZL) all of three years to build a base of 500,000 customers. However, between August 2019 and today, the fintech has doubled that number to a million. (PYMNTS.com)
Sezzle attributes its sizzling growth to “the power of the network effect of the platform’s compounding growth.”
Of course, the recent surge was due in no small measure to a very successful Black Friday / Cyber Monday heading into the US and Canadian holiday shopping seasons.
Sezzle, the preferred ‘buy now, pay later’ payments solution
Merchants and consumers alike have readily adopted Sezzle’s “buy now, pay later,” offering. It’s a ‘buy now, pay later’ payments solution that is in effect a short-term, interest-free installment plan. It allows users to make immediate online purchases but pay for them in four equal, interest-free installments over six weeks.
The popularity of the product is evident. By the end of Q4 of 2019, the number of merchants on the platform had shot past 10,000.
“One million active users is a huge operational achievement, and a testament to the value our users see in our product,” said Sezzle’s Chief Revenue Officer and co-founder Paul Paradis. “Whether it’s our commitment to transparency, our flexible payment terms, our user-friendly experience, or our expanding universe of retail partners, Sezzle is gaining traction as the marquee ‘buy now pay, later’ solution in the U.S.”
Payment alternative for consumers deprived of credit
Sezzle looks to financially empower “a generation of consumers that have been historically locked out of the traditional credit system.”
Also, it intends to make its product superior to traditional payment options on offer to the average consumer.
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