- US-based, ASX-listed buy now pay later company Sezzle has launched a $86.3 million capital raise.
- The funds raised will be used to ramp up the company’s growth.
- It comes after fellow BNPL platform Afterpay announced its own $800 million capital raise.
- Visit Business Insider Australia’s homepage for more stories.
Buy now, pay later (BNPL) platform Sezzle is raising $86.3 million.
The US-based company listed on the Australian Securities Exchange (ASX) back in 2019 and joins a bucketful of other payment instalment services available in the country such as Afterpay, Zip Pay and Splitit. Through Sezzle, you can pay for your items in four installments.
Sezzle plans to use the capital raised to ramp up its growth plans. This includes sales and marketing, enhancing its products, hiring more developers and software engineers and funding its international expansion opportunities. These global opportunities include more development in Canada and testing in other markets.
Sezzle’s Executive Chairman and CEO Charlie Youakim said in a statement that the company’s strong performance during the first half of 2020 and its “improving consumer profile” allowed the company “to be uniquely positioned to further expand through a number of near-term growth initiatives.”
Sezzle’s raising comes days after Aussie BNPL platform Afterpay announced it will raise $800 million to fund its expansion.
“By raising capital today, we believe we will be in the strongest position possible to execute our strategic initiatives and growth aspirations,” Afterpay CEO Anthony Eisen said in a statement at the time.
Afterpay’s capital raise also saw Eisen and fellow co-founder Nick Molnar sell down 2.05 million shares each, which will earn them a combined $250 million.
- US buy-now-pay-later app Sezzle moves into Afterpay’s territory in Australia – but says it’s not here to fight
- Afterpay’s founders are headed for a $250 million pay day, as the company looks to potentially buy out its rivals
- Nick Molnar is Australia’s youngest self-made billionaire at just 30 years old, as Afterpay continues its remarkable stock market tear
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