Sezzle enters five-year strategic partnership with WebBank

Sezzle and WebBank, a Utah-chartered industrial bank, entered into a five-year strategic partnership program, Sezzle disclosed last night in a regulatory filing. The program is expected to launch in September, subject to completion of the parties’ confirmatory testing and procedures. WebBank will serve as Sezzle’s exclusive bank to originate and finance products currently offered through the Sezzle platform, including Sezzle’s “Pay-in-2” and “Pay-in-4” products. WebBank will also serve as the exclusive issuer of all Sezzle subscription products and the exclusive issuer of Sezzle card products, including the Sezzle Virtual Card and gift cards. WebBank will offer loans to U.S. customers to finance purchases of merchant products through the Sezzle platform or within Sezzle’s direct merchant network. Sezzle, subject to WebBank’s review and approval, will act as the administrator of the program and master servicer. WebBank has the right to sell all loans it originates under the program to other entities, including Sezzle. Shares of Sezzle are up 2% to $132.60 in morning trading.