The AfterPay (ASX: APT) share price is nearing another record high today at $24.72 as the buy-now-pay-later start-up lifts on the back of general strength in tech stocks in the US.
One thing not likely to affect its relentless rise is news in today's Australian Financial Review that another buy-now-pay-later start-up named Sezzle is set to hit the ASX boards.
According to the AFR Sezzle was even "modelled on local company Afterpay, with the co-founders wanting to bring the buy now, pay later model to the US".
Sezzle discloses on its website that users pay a quarter of the goods' price at the time of purchase followed by three more interest free payments over fixed periods of every two weeks.
The website also boasts that Sezzle has more than 350,000 shoppers across more than 3,500 retailers signed up to its online only platform.
For now it looks like it only operates in the giant U.S. market and as such exists as a potential competitor to AfterPay that is currently delivering growth in the U.S. beyond almost all expectations.
Others listed in the white hot buy-now-pay-later space in Australia include Splitit Ltd (ASX: SPT) and Z1P Co Ltd (ASX: ZIP), with Sezzle's founders even admitting to the AFR that the reason they chose Australia to list is due to the wild investor enthusiasm for the space.
Indeed, if Split's post IPO performance is any guide the Sezzle founders could find themselves helming a $1 billion company before Easter.
That might sound preposterous, but not when you consider Splitit went from 20 cents per share to $2 in around 6 weeks from its IPO then anything is possible on the ASX.
No wonder Sezzle chose Down Under as the place to try and strike it rich.
AfterPay meanwhile remains the undisputed king in this space and alongside Zip Co. is one of only two stocks worth considering for serious investors.
