Digital payments FinTech startup Sezzle announced on Monday (Feb. 10) that it topped 1 million active customers.
Founded in 2016 and headquartered in Minneapolis, Sezzle’s buy now, pay later (BNPL) payments platform is in the U.S. and Canada and is quickly growing. Three years after launching, the startup hit the half-million customer mark in August 2019. It took under six months to double that.
"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," said Sezzle Chief Executive Officer 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."
This news comes on the heels of Sezzle’s 4Q announcement that it now partners with over 10,000 merchants.
"The Sezzle team is extremely proud to have reached this pivotal milestone," said Sezzle 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."
The company provides an option for shoppers who have had to sidestep traditional credit, and offers alternative payment options across demographics.
Sezzle’s payments platform expedites quick, safe and simple payments among consumers and retailers. The company’s payment product is a short-term, interest-free BNPL installment plan. It gives user the freedom to shop online and spread four equal payments across six weeks.
BNPL providers are seeing market growth and new funding opportunities. BNPL is also anticipated to be a driver for shopping on smartphones. Boosting shopping via smartphone has been a challenge for retailers, even as consumers spend many hours each day using their phones to interact with banks, brands, news platforms and social media outlets.