Sezzle Says Target Corp Will Use Its Installment Payment Product

By Stuart Condie

SYDNEY--Sezzle Inc. said it has entered into a three-year agreement with Target Corp. for the U.S. retail giant to offer consumers its installment payment product in-store and online.

Sezzle on Thursday said the agreement followed the conclusion of a proof-of-concept of the interest-free payment plans with its fellow Minnesota-based firm.

Target last month reported 1Q earnings of US$2.1 billion, compared with US$284 million a year ago. Total revenue rose 23% to US$24.2 billion.

Sezzle's underlying merchant sales for the same period rose to US$375.1 million, from US$119.4 million a year earlier.

Sezzle is listed on the Australian Securities Exchange but is filing for an initial public offering in its native U.S.

Write to Stuart Condie at [e-mail]

(END) Dow Jones Newswires

06-02-21 1901ET