Sezzle Inc., the fintech company known for its profitability, reported a breakout quarter with revenue growth exceeding triple that of the previous year.
Financial Highlights
- Net Income: $57 million for the fiscal first quarter ended March 31, compared to $14 million in the same period last year.
- Revenue: Increased to $143 million from $64 million last year, driven by an expanded customer base and increased transaction fees from merchants offering interest-free installment plans.
The company’s stock price surged after hours on Tuesday following the announcement of better-than-expected results and an increase in its full-year revenue forecast. As of Wednesday morning, shares were trading at $90.10.
Market Position
Sezzle is part of a growing trend of buy-now-pay-later startups that have emerged over the past decade, as consumers shift from credit cards to installment payments for larger purchases, such as electronics and home appliances. Unlike many competitors, Sezzle has established itself as a highly profitable fintech company with strong alignment between management and shareholders.
Company Background
Founded by Australian entrepreneur Andrew Lee in San Francisco in early 2017, Sezzle began as an interest-free installment plan provider. The company quickly gained traction by partnering with thousands of merchants across North America, offering customers flexible payment options without interest or late fees if balances were paid off within six months.
Today, Sezzle operates primarily in Canada and the U.S., providing various tools to empower consumers financially, including:
- Budgeting software
- Rescheduling options for missed payments
- Gamified education programs for financial management
- Partnerships with banks, such as Bank of America, allowing users to link checking accounts for automatic bill payments without overdraft risks
Key Points from Q1 Earnings Report
- Revenue grew by more than triple compared to Q1 last year.
- Net income increased significantly, largely due to a sharp decline in operating expenses.
- The company raised its full-year revenue forecast despite facing higher costs related to inflationary pressures affecting labor and supply chains globally.
Overall, Sezzle’s performance indicates strong growth momentum that continues to exceed initial expectations since its public listing.
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