The Sezzle Inc (ASX: SZL) share price will be one to watch on Monday following the release of a positive update this morning.
What did Sezzle announce?
This morning Sezzle provided the market with an update on the number of consumers that are using its buy now pay later platform.
According to the release, the company has now passed the one million mark for active customers. This comes hot on the heels of a recent announcement that its pool of merchant partners has grown beyond the 10,000 mark following the end of the 2019 fourth quarter.
Sezzle's CEO and co-founder, Charlie Youakim, was very pleased with the achievement.
He said: "Today is a day for celebration, not only for our company, but for our retail partners, 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. 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."
Accelerating growth.
This update shows that Sezzle's growth has been accelerating. The Afterpay Ltd (ASX: APT) rival secured its 500,000th customer in August of last year, nearly three years after initially launching. Whereas, it has taken less than six months to reach one million users.
Management believes this is a reflection of the power of the network effect of Sezzle's platform's compounding growth.
Among the drivers behind the recent growth in customers was a very successful Black Friday and Cyber Monday sales event heading into the US and Canadian holiday shopping seasons.
The company's chief revenue officer and co-founder, Paul Paradis, believes this achievement is a testament to the value consumers see in its product.
He said: "The Sezzle team is extremely proud to have reached this pivotal milestone. 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."
