MINNEAPOLIS, Sept. 26, 2019 /PRNewswire/ -- Sezzle Inc. (ASX: SZL), the highest consumer-rated interest-free installment payment solution, today announced its solution is newly available to online businesses worldwide through Visa's CyberSource payment management platform. The relationship means CyberSource merchants will be able to offer Sezzle's zero-interest 'buy now, pay later' (BNPL) solution. The 'buy now, pay later' product can help sellers increase sales and grow basket sizes, with no credit risk to the merchant.
Sezzle's alternative payment solution enables shoppers to split e-commerce purchases into four interest-free installments over the course of six weeks, at zero interest. With Sezzle, consumers can shop at their favorite stores online in a more financially responsible way without an impact to credit scores, incurring interest on payments, or risk of going into burdensome debt.
"Installment payment plans have taken off across the world as a popular way for consumers to get what they need while sticking to their budget, and now our merchant clients can easily offer installment solutions," said Andre Machicao, SVP, global head of product, CyberSource, a Visa solution. "Visa is committed to enabling new forms of payment innovation across the e-commerce ecosystem. Sezzle's installment solution is rapidly growing among Gen Z and millennial consumers and is proven to dramatically reduce cart abandonment."
This partnership comes on the heels of Sezzle's first earnings report as a public company on the Australian Securities Exchange (ASX). The company saw a strong first half of the year, with revenue growth indicative of Sezzle's role as a leader in the emerging installment payment space. Active merchants, now numbering 5,793, as well as active customers, experienced approximately 15% growth from June 30, 2019 to July 31, 2019, alone.
"We are excited to be available on CyberSource's platform, making it easy for merchants to offer Sezzle to their shoppers," said Charlie Youakim, CEO and co-founder of Sezzle. "We believe CyberSource's scale and reputation with e-commerce stores make them an ideal partner to further fuel our rapid growth. We look forward to working with them to provide online merchants – and their customers – with a payment experience that drives revenues and increases consumer loyalty."
Sezzle is the highest consumer rated alternative payment solution on the market according to Trustpilot, a third-party review site.
Sezzle is a rapidly growing fintech company whose mission is to financially empower young consumers. 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 5,500 active merchants that offer Sezzle in the United States and Canada. 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.