SYDNEY and MINNEAPOLIS and TORONTO, Feb. 10, 2020 /PRNewswire/ -- Sezzle Inc. (ASX: SZL) (Sezzle or Company), the innovative digital payments platform operating in the United States and Canada, today announced it has now passed the one million mark for active End-customers.
Since launching in the United States in 2016, the Sezzle payments platform has enjoyed explosive growth, as both merchants and consumers have turned to Sezzle as their preferred 'buy now, pay later' payments solution. Today's announcement comes just a few weeks after Sezzle announced that its pool of merchant partners has grown past 10,000 at the end of the 2019 fourth quarter1.
"Today is a day for celebration, not only for our company, but for our merchants, who now have a direct path to accessing a vibrant community of over one million savvy shoppers who know how to unlock the value of their purchasing power," commented Sezzle CEO and co-founder Charlie Youakim. "Although we are taking a moment to recognize this important milestone, we have lots of work ahead of us in making Sezzle the world's most dynamic, far-reaching, and trusted payments platform."
"The Sezzle team is extremely proud to have reached this pivotal milestone," said Sezzle's Chief Revenue Officer and co-founder Paul Paradis. "One million active users is a huge operational achievement, and a testament to the value our users see in our product. Whether it's our commitment to transparency, our flexible payment terms, our user-friendly experience, or our expanding universe of retail partners, Sezzle is definitely gaining traction as the marquee 'buy now pay, later' solution in the U.S."
Sezzle's growth has been accelerating, having secured its 500,000th customer in August 2019, nearly three years after initially launching, but taking less than six months to reach one million users, a reflection of the power of the network effect of Sezzle's platform's compounding growth. Among the drivers behind the recent growth in customers was a very successful Black Friday / Cyber Monday heading into the US and Canadian holiday shopping seasons.
Sezzle is a technology-enabled payments company based in the United States with active operations both in the United States and Canada. The company's mission is to financially empower the next generation of consumers who have been historically locked out of the traditional credit system and support shoppers across the entire demographic spectrum with a flexible, reliable, transparent, and secure alternative to the incumbent payment options traditionally available to average consumers.
Sezzle provides a payments platform that facilitates fast, secure and easy payments between consumers and retailers. Sezzle's payment product is a short-term, interest-free installment plan that delivers to consumers both a budgeting and financing value proposition, allowing users to make online purchases while effectively splitting the payment for the purchase over four equal, interest free, payments over six weeks.
This ASX release was authorized on behalf of the Sezzle Board by Charlie Youakim, Executive Chairman and CEO.
For a link to the official release on the ASX, click here.
About Sezzle Inc.
Sezzle is a rapidly growing fintech company whose mission is to financially empower the next generation. Sezzle's payment platform increases purchasing power for consumers by offering interest-free installment plans at online stores. This increase in purchasing power for consumers leads to increased sales and basket sizes for the more than 10,000 Active Merchants that offer Sezzle in the United States and Canada to more than 1,000,000 active customers. For more information visit sezzle.com
Sezzle's CDIs are issued in reliance on the exemption from registration contained in Regulation S of the US Securities Act of 1933 (Securities Act) for offers of securities which are made outside the US. Accordingly, the CDIs, have not been, and will not be, registered under the Securities Act or the laws of any state or other jurisdiction in the US. As a result of relying on the Regulation S exemption, the CDIs are 'restricted securities' under Rule 144 of the Securities Act. This means that you are unable to sell the CDIs into the US or to a US person who is not a QIB for the foreseeable future except in very limited circumstances until after the end of the restricted period, unless the re-sale of the CDIs is registered under the Securities Act or an exemption is available. To enforce the above transfer restrictions, all CDIs issued bear a FOR Financial Product designation on the ASX. This designation restricts any CDIs from being sold on ASX to US persons excluding QIBs. However, you are still able to freely transfer your CDIs on ASX to any person other than a US person who is not a QIB. In addition, hedging transactions with regard to the CDIs may only be conducted in accordance with the Securities Act.
1 Active Merchants and Active Customers are defined as those who have transacted with Sezzle in the past 12 months Alternate terms for Merchant include Retailer and Retail Partner. Alternate terms for Customer include End-Customer, Shopper, Consumer and User.