Rising FinTech Sezzle is testing its service offering in India for an expected launch at the end of the year, Charlie Youakim its CEO said, as competition intensifies in the industry.
Moving into India would mark an ambitious plan as the second-most populous country gravitates more toward a society and people purchase goods online during the COVID-19 pandemic.
The Minneapolis-based FinTech, which offers interest-free instalment loans at certain online shops, undertook an approximately $61.99 million equity raise in July, out of which nearly a fifth was earmarked to test international markets.
At present, Sezzle only operates in the US and Canada.
“If this works, we have a massive opportunity in India… We think it’s well worth the opportunity,” the Chief Executive told journalists, pointing to a digital boom in India that presents a billion dollar-plus gold mine and could follow the success of companies like SoftBank-backed Paytm.
Mr Youakim said Sezzle started the pilot in July, but still integrated with the Unified Payments Interface – a system that would power multiple bank accounts into a application – and is evaluating repayment data.
In the three months from March, Sezzle added more than customers, highlighting the appeal of BNPLs.
Spurred by recent expansion , more players are currently moving to the business, which took off in Australia. Tencent’s investment in Afterpay this year was seen by analysts as a possible entry point into China for the BNPL leader.
The team at Platform Executive hope you have enjoyed this news article. Initial reporting via our content partners at Thomson Reuters. Reporting by Nikhil Kurian Nainan in Bengaluru. Editing by Bernard Orr.
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