The Sezzle Inc (ASX: SZL) share price will be one to watch this morning after the release of an update.
What did Sezzle announce?
This morning the buy now pay later provider announced that it has formed a business partnership with Ally Lending.
It is the B2B2C lending arm of Ally Bank, the banking subsidiary of Ally Financial (NYSE: ALLY). Ally Financial is a leading digital financial services company with US$184.1 billion in assets.
Ally Lending enables monthly fixed-rate instalment-loan products that extend up to 60 months in length and US$40,000 per instalment plan through a fully digital application process.
What is the partnership?
According to the release, the partnership between Ally Lending and Sezzle will give Sezzle merchants and shoppers access to long term financing options.
Management believes this complements its existing short-term, interest-free offering, without adding any balance sheet impact to Sezzle.
Sezzle’s Executive Chairman and CEO, Charlie Youakim, commented: “Our collaboration with Ally Lending enhances our customer financing offerings, making it possible for consumers to better manage their finances. Ally’s dedication to its customers and commitment to innovation aligns with our own vision and culture – making this partnership a good fit for us.”
Ally Lending’s President, Hans Zandhuis, was pleased with the partnership and appears confident it will help consumers and businesses through the tough economic environment.
Mr Zandhuis commented: “We empathize with the economic situation millions of Americans now face. We’re proud to partner with Sezzle to offer budget-friendly, responsible financing options, so consumers can feel more secure when making the purchases they need.”
With the Sezzle share price down 45% from the 52-week high it reached less than a month ago, investors will no doubt be hopeful this news is the catalyst to recovering some of these declines.
Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
Find out the names of our 3 Post COVID Stocks – For FREE!
*Returns as of 6/8/2020
More reading
- The Sezzle (ASX:SZL) share price is up 15% this week
- How an ASX share turns $100 into $1,000
- Why the Sezzle share price is zooming 8% higher today
- BNPL shares like Afterpay (ASX:APT) and Zip (ASX:Z1P) are soaring today. Here’s why
- The Sezzle (ASX:SZL) share price has now fallen 45% in 2 weeks as air continues to go out of the BNPL sector
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia has recommended Sezzle Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post Sezzle (ASX:SZL) share price on watch after announcing Ally Lending partnership appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/3mImjtJ
Leave a Reply