Minneapolis fintech startup Sezzle has raised a new round of investment with $5.6m closed on per SEC filing.
Like PayPal, but with micro-installments, consumers can ‘checkout with Sezzle’ and receive a small denomination interest free loan at the time of purchase, on demand.
Sezzle was cofounded in 2016 by Charlie Youakim and Paul Paradis, since supported by CTO Killian Brackey and CFO Karen Hartje. The venture has previously raised ~$12m in equity/VC investment, and last fall, the company secured a $100m credit line to expand their customer base — merchants can effectively make more sales by giving their customers more purchasing power.
This round, company says, is “pre-IPO” and led by Continental Investors out of Chicago and included existing investors as well. Continental’s Phil Purcell was formally CEO of Discover Financial Services, Dean Witter, and Morgan Stanley. “We plan to list on the Australian Stock Exchange within the next few months,” says Paradis.
Linkedin says Sezzle now has 79 employees (up from 50, ~6 months ago) and they are presently hiring Junior Developers & Customer Support.