The Minneapolis-based buy-now, pay-later firm, Sezzle, announced it will be acquired by its Australian competitor, Zip Co. Under the proposed deal, Zip Co. will own 78% of the company while Sezzle owners will retain 22% of the company. Zip Co expects to retain the company's Minneapolis footprint. Sezzle founder Charlie Youakim said, “I believe it will be a great cultural fit for both our organizations and we're excited to be part of Zip's next chapter. I believe the transaction will position us to win in the U.S. and globally."
Sezzle, which was founded in 2017, already has more than 40,000 clients, including Target. The company experienced rapid growth throughout the pandemic and recently reported generating $81.9 million in total income through the first nine months of 2021. The deal is reported to be valued at $352 million.
Read the full article here: https://www.startribune.com/buy-now-pay-later-company-sezzle-will-be-sold-in-352m-deal-minneapolis/600151522/
