Sezzle Expands Partnership with TransUnion

Rhea-AI Summary

Sezzle Inc. (ASX: SZL) announced an expansion of its partnership with TransUnion (NYSE: TRU) on October 14, 2021. This collaboration introduces 'Sezzle Up', allowing users to build credit by reporting repayment history to TransUnion. The initiative aims to empower users with thin or no credit history, facilitating financial well-being. Sezzle's CEO stated this step supports their mission to democratize financial freedom by aiding underserved communities. The program allows users to increase spending limits based on responsible repayment practices.

Positive

• Expansion of partnership with TransUnion to enhance credit building for users.
• Introduction of 'Sezzle Up' enables users to improve credit scores.
• Focus on financial empowerment for underbanked communities.

Negative

• None.

MINNEAPOLIS, Oct. 14, 2021 /PRNewswire/ -- Sezzle Inc. (ASX: SZL) (Sezzle or Company) // - Sezzle, the leading Buy Now, Pay Later solution, today announces the expansion of an existing partnership with TransUnion (NYSE: TRU) that will allow users to establish and build credit using their repayment history with Sezzle.

The agreement supports financial empowerment by providing Sezzle users with a new way to improve their credit score.

The agreement supports financial empowerment by providing Sezzle users with a new way to build their credit file and improve their credit score. Sezzle users who become eligible for the program, called Sezzle Up, will have their repayment behavior submitted to TransUnion, allowing Sezzle users with thin credit, poor credit, or no credit history at all to take a much-needed step toward their financial wellbeing.

"Building our users' credit scores has been a goal for our team since day one - it's our most progressive step yet in our pursuit to democratize financial freedom. The majority of our users are what we at Sezzle call 'prime-to-be.' People who may have been left behind - the underbanked and underserved. These are people who are most in need of a financial product that can spread payments out over time without incurring interest," remarked Sezzle CEO, Charlie Youakim. "Now, in addition to giving users a smarter way to pay, we'll be able to reward them for their financial responsibility, and in doing so, help them establish and build the formal credit that we know they deserve."

Sezzle Up will help empower users who qualify for the upgrade to see their available spending limit with Sezzle, increase that limit over time, and enable Sezzle to share the User's payment history with TransUnion in order to help establish and build formal credit.

"Credit is a vital tool to not only shape your financial future, but to realize life's biggest opportunities. Through this partnership, Sezzle users will be able to establish their credit and develop healthy financial habits to manage debt responsibly," said Liz Pagel, senior vice president of consumer lending at TransUnion. "Consumers will be empowered to gain a better understanding of their financial situation and can take positive steps to build their financial resume."

 As a B Corp, Sezzle is pleased to continue to take strides toward financially empowering the next generation by extending Sezzle Up as a means for users to take control over their spending, be more responsible, and gain access to financial freedom.

About TransUnion (NYSE: TRU)
TransUnion is a global information and insights company that makes trust possible in the modern economy. We do this by providing a comprehensive picture of each person so they can be reliably and safely represented in the marketplace. As a result, businesses and consumers can transact with confidence and achieve great things. We call this Information for Good.®

A leading presence in more than 30 countries across five continents, TransUnion provides solutions that help create economic opportunity, great experiences and personal empowerment for hundreds of millions of people.

http://www.transunion.com/business

About Sezzle, Inc.
Sezzle is a rapidly growing fintech company on a mission to financially empower the next generation. Sezzle's payment platform increases the purchasing power for millions of Active Consumers by offering interest-free installment plans at online stores and select in-store locations. When consumers apply, approval is instant, and their credit scores are not impacted, unless the consumer elects to opt-in to a credit building feature, called Sezzle Up

This increase in purchasing power for consumers leads to increased sales and basket sizes for the more than 40,000 Active Merchants that offer Sezzle in the U.S. and Canada.

For additional assets and news on Sezzle please visit https://my.sezzle.com/news/  

Sezzle US Media Contact:
Email: erin.foran@sezzle.com

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SOURCE Sezzle

FAQ

What is the significance of Sezzle's partnership with TransUnion?

The partnership enables Sezzle users to build credit by reporting repayment history, particularly benefiting those with thin or no credit history.

What is 'Sezzle Up'?

'Sezzle Up' is a program that allows eligible users to have their repayment behavior reported to TransUnion, helping them establish and build credit.

How does Sezzle's initiative support financial empowerment?

Sezzle's initiative aims to help underserved communities improve credit scores, enhancing their financial well-being and access to credit.

When was the partnership expansion with TransUnion announced?

The expansion of the partnership was announced on October 14, 2021.

How does the partnership affect Sezzle's users?

Through this partnership, Sezzle users can increase their spending limits and develop healthier financial habits by building credit.