Why the Sezzle (ASX:SZL) share price is charging 7% higher today

The Sezzle Inc (ASX:SZL) share price is on fire today, rising by more than 7%. Here's why this ASX BNPL company might be on the move.

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The Sezzle Inc (ASX: SZL) share price is having a stellar day today, charging 7.1% higher at the time of writing to $11.61 a share. This latest move caps off what has been a corker couple of months from the company.

Back on 15 December, Sezzle shares were asking just $5.38 each. That means Sezzle is up more than 116% in 2 months, 86% year to date, 50% over the past month, and almost 17% over the past week. And (get ready for this one), Sezzle is now up a millionaire-making 7,000% over the past 12 months. Hot damn.

So what is the catalyst behind these latest share price moves?

Sezzle sizzles

There is no obvious catalyst as to why Sezzle shares are on fire today. The last major announcement out of the company came out on Thursday last week. Back then, Sezzle told investors that the company had signed a US$250 million receivables funding facility with Goldman Sachs Bank USA and Bastion Funding. Sezzle told the markets that the money would be used to further aid the company's expansion in the United States and Canada. Sezzle shares were up 6% on that news at the time.

However, one way to explain today's movement may be to look to other shares in the ASX fintech and buy now, pay later space (BNPL). Sometimes a rising tide just happens to lift all boats.

ASX companies in this space are on fire today. Zip Co Ltd (ASX: Z1P) shares are up 14.77% at the time of writing to $12.44. Earlier today, we also covered some dramatic share price movements for Douugh Ltd (ASX: DOU) and IOUpay Ltd (ASX: IOU). Both of those companies have received 'speeding tickets' from the ASX as a result of the sharp share price spikes both companies experienced in early trade. IOUpay shares are still up by more than 60% today.

Given Sezzle is a recent strong performer and a member of the BNPL space, it's possible that investors just got a little carried away with all of the euphoria happening today and have sent Sezzle's shares along for the ride.

Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia has recommended Sezzle Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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