Sezzle announces plans for US IPO
Growing buy-now-pay-later provider Sezzle has unveiled plans to launch an initial public offering in the US. In an announcement to the market on Friday, the $1 billion Sezzle said it intends to file a registration statement with the Securities and Exchange Commission for a proposed IPO, without offering any further detail on which exchange it plans to list on or when.
“The timing, number of shares of common stock to be offered, use of proceeds, and the price for the proposed initial public offering have not yet been determined. The offering is subject to market and other conditions,” it said.
Sezzle also announced its March quarterly numbers on Friday, reporting underlying merchant sales had more than tripled year-on-year to US$375.1 million.
Around 400,000 active customers were added during the quarter, bringing the total to over 2.6 million with the top 10% of Sezzle’s consumers, on average, now transact 49 times per year.
Sezzle also added over 7,300 merchants in the quarter, giving it over 34,000 active merchants on the platform.
“The strong momentum we ended 2020 with has continued into 2021. Our first quarter results set new company highs in UMS, Active Consumers, Active Merchants, and Repeat Usage,” said Sezzle’s executive chairman Charlie Youakim.
The news sent shares almost 9% higher, extending gains from the day early after the company announced that Market America Worldwide, a global product brokerage and internet marketing company had formed a partnership with Sezzle.