Sezzle (ASX:SZL) losses deepen as sales continue to rise

Company News

by Katrina Bullock

Buy now, pay later player Sezzle (ASX:SZL) has seen its net loss soar to $US31.9 million for the year ended 31 December 2020.

Total income for 2020 increased 272 per cent. Merchant fees made up 81 per cent of its income.

Underlying merchant sales catapulted over 250 per cent year on year to $US856.4 million in 2020.

The company says it experienced higher net transaction losses in the second half of the year, primarily due to the seasonality of loss rate patterns and universe expansion testing of its underwriting processes.

Shares in Sezzle (ASX:SZL) are trading 8.41 per cent lower at $9.15.