MINNEAPOLIS, April 18, 2019 /PRNewswire-PRWeb/ -- Sezzle, the leading US-based buy now, pay later company, announces it has raised a $5.6 million funding round led by Continental Investors, a US Fintech investor. The funding will serve as pre-IPO capital for Sezzle as it advances to an IPO on the Australian Stock Exchange, where it expects to raise an additional $20m to fund its continued growth.
Sezzle experienced tremendous growth through 2018, with revenue increasing 30% month over month. Sezzle continues to grow at a rapid pace and it plans to use this financing to progress its growth in North America, fund future product innovations, and invest in additional sales and marketing resources.
"We are excited to have the Continental team as partners. Phil Purcell's experience spinning Discover out of Sears, his public company experience as the long-tenured CEO of Discover and Morgan Stanley, and Paul Purcell's expertise with fintech startups make Continental a perfect fit," said Charlie Youakim, Sezzle co-founder and CEO. "The capital will also accelerate our growth plans ahead of our upcoming IPO and give us support from a well-respected institutional investor here in the US."
Continental Investors Managing Director, Paul Purcell, who will be joining the Sezzle board, said his firm's mission is to find young fintech companies with exceptional products and strong management teams and to help those companies successfully grow and better serve their customers.
"We're excited by what Sezzle is building in an exciting payments and commerce sector. We think Sezzle is perfect for young 'prime-to-be' Millennial and Gen Z consumers that are just getting started with their finances. Their focused and energetic company culture has created the foundation for their success, and their industry-leading product reviews are a testament to their intense product focus," Purcell added. "We believe in the Sezzle team because they have the industry experience and vision necessary to build a leading company in an active sector with larger competitors."
About Sezzle
Sezzle is a cutting-edge, rapidly growing fintech company whose mission is to financially empower young consumers. Only one in three millennials own a credit card, and the vast majority of millennials possess a sub- or non-prime credit score or no score at all. To address these problems, Sezzle has built a payment platform that increases purchasing power for consumers by enabling merchants to offer interest-free installment plans. This increase in purchasing power for consumers leads to increased sales and basket sizes for the thousands of eCommerce merchants that currently work with Sezzle.
About Continental Investors
Continental Investors is a strategic source of capital founded in 2006. We leverage a combined 70+ years of investing and operating expertise in and around financial services and commerce. We seek emerging and established growth platforms where our expertise beyond capital can be utilized. More than the companies we invest in, we look for good people and great partnerships.
SOURCE Sezzle
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