Sezzle receives USD 100 mln in funding round

Tuesday 20 November 2018 14:13 CET | News

Alternative ecommerce payment system Sezzle has received a USD 100 million line of credit in a new funding round.

The round multiplies the existing funding of the US-based company by almost 10x, bringing its total raised to just shy of USD 111 million. The funding, which comes from the US-based investment firm Bastion, is being used to fuel Sezzle’s new pay-in-2019 initiative with online retailer Tobi. The promotion, which will be available throughout the holidays, gives Tobi shoppers interest-free purchase financing.

After paying 25% of the purchase price at checkout, shoppers can wait to pay the remaining three-quarters of the purchase, interest-free, until after 2 January 2019, at which point they pay in three equal instalments.

Moreover, the pay-in-2019 payment model is a departure from Sezzle’s existing buy now, pay later offering, which typically allows users to spread the repayment of the purchase price across six weeks of financing. If the trial with Tobi yields increased sales results, Sezzle plans to move forward with the new financing model with other retailers as well.

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Keywords: Sezzle, funding round, Tobi, payment system, ecommerce, Bastion, online retailer
Countries: World

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