Minneapolis Payment Company Sezzle Enters Canadian Market
Sezzle isn’t settling for just U.S. business. The Minneapolis-based online payment solutions company announced Monday that it has launched its platform in the Canadian market.
Sezzle enables shoppers to divide purchases into interest-free installments that can be spread out over six weeks. The “buy now, pay later” is aimed at providing more purchasing power to particular consumers—like Millennials and Gen Zers—who don’t have credit history or want to avoid credit card debt.
“We see this as a turning point for Canadian shoppers as they now have access to a new way to pay that is completely transparent and fully aligned with their financial interests,” said Sezzle CEO and co-founder Charlie Youakim, in a statement.
Sezzle is currently partnered with more than 3,300 retailers in the U.S. For many of its partners, the platform generates 10 percent of sales and increases basket sizes by up to 50 percent, according to Sezzle.
One Canadian company already signed on with Sezzle is Kappa Canada, a menswear brand. Kappa Canada CEO Puneet Girdhar said the platform will provide a more flexible buying process for customers.
“Our goal has always been to offer our shoppers an innovative, quality product and experience, and this partnership will help us ensure we'll continue to execute,” said Girdhar.
The move into the Canadian market is Sezzle’s first foray into the international space. It comes just a couple months after reports that Sezzle is planning to list on the Australian Securities Exchange (ASX).
Since the platform debuted two years ago, 200,000 shoppers and more than 3,000 merchants have signed up for Sezzle. In February, underlying monthly sales reached $9.6 million.