Business

Sezzle soars after record sales – Australian Associated Press

Sezzle’s shares hit an all-time high after buying now, the payment platform to pay later said its underlying sales rose 58% to 188 million U.S. dollars (272.3 million Australian dollars) in the June quarter.

This allows it to reach one billion US dollars (1.4 billion Australian dollars) in underlying sales to merchants by the end of the year, the company said.

At 1241 AEST, Sezzle shares rose 12.5% to $ 4.58, after hitting a historic high of $ 4.98, about four times the price of $ 1.22 from its IPO there is one year old.

The Minneapolis-based company said its active customer base increased 28% in the June quarter to 1.48 million, while its active merchants increased 27% at the same time to 16,112.

“Our solid performance in Q2 reflects an improved customer profile combined with accelerated adoption of electronic commerce due to the pandemic,” said President and CEO Charlie Youakim.

Seven out of eight customers have used the installment payment service multiple times – an average of 15 times a year, said Sezzle.

The company earned $ 15.3 million (AU $ 15.3 million) in merchant fees in the quarter to June 30, up 53.8% from the March quarter.

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