Sezzle is a buy now, pay later (BNPL) payments company targeting Gen Z and Millennial consumers with limited or no credit history. Sezzle's core product is pay-in-four, which splits a purchase into four equal installments over six weeks, with the first payment due at checkout. Sezzle pays merchants upfront (net of its fee) and collects installments directly from consumers. Consumers access Sezzle through its app, website, or via the Sezzle Virtual Card (a Visa card issued through WebBank), which allows Sezzle to be used at any Visa-accepting merchant, including in-store via Apple Pay and Google Pay. Sezzle operates primarily in the U.S. and Canada. Sezzle earns revenue from merchants (processing fees on GMV plus interchange) and consumers (subscription fees, late/failed payment fees, and per-transaction On-Demand fees). Consumer revenue has become the larger and faster-growing portion of total revenue. Sezzle offers two subscription products — Sezzle Premium and Sezzle Anywhere — which give consumers broader merchant access for a monthly fee; Anywhere subscribers, who can use Sezzle at any Visa merchant, are management's highest-LTV users. Sezzle bears all credit risk on its core products and uses proprietary machine learning models to underwrite each transaction in real time. Loan tenors average ~42 days, allowing Sezzle to see early loss signals within two weeks and adjust spending limits quickly. Sezzle funds its receivables through a $225M revolving credit facility.