The Australian buy now-pay later company Zip has agreed to acquire Minneapolis-based Sezzle as it advances its U.S. expansion plan in a bid to take on Block’s Afterpay and other growing BNPL rivals.
The all-stock deal values Sezzle at AU$491 million, according to a joint press release from the companies. That translates to about $353 million, according to a report from Reuters.
Sezzle CEO Charlie Youakim plans to stick with the combined company and become CEO of the Americas for the merged business, which would include oversight of the U.S., Mexico and Canada. He will also become one of three Sezzle members on Zip’s board of directors.Payments Dive