BENGALURU (Reuters) – Sezzle Inc is testing its buy-now-pay-later service in India for a potential launch at the end of the year, its chief executive officer said, capitalising on rapid global growth in online shopping as competition intensifies in the sector.
Moving into India would mark an ambitious plan for the firm as the second-most populous country gravitates more toward a cash-less society and more people purchase goods on the internet during the COVID-19 pandemic.
The Minneapolis-based fintech, which offers interest-free instalment loans at certain online stores, undertook an A$86.3 million ($61.99 million) equity raise in July, out of which nearly a fifth was earmarked to test international markets.
Sezzle currently only operates in the United States and Canada.
“If this works, we have a massive opportunity in India … We think it’s well worth the opportunity,” Chief Executive Officer Charlie Youakim told Reuters, pointing to a digital boom in