Sezzle, a US-based firm that offers buy-now-pay-later service, is planning to foray into India by the end of this year.
According to a Reuters report, the company launched a pilot last month to test its services. It is also in process to integrate with Unified Payments Interface (UPI), a system that enables real time transfers between participating banks.
Sezzle CEO Charlie Youakim was quoted by the news agency as saying: “Assuming expectations are met, we launch UPI sometime this month and then we’ll have some sort of sense come end of October and then we can turn on ahead of the holiday season.”
The move comes at a time when Covid-19 pandemic led to an increase in digital payments.
Sezzle offers interest-free loans to the customers for their purchases at online stores and select in-store locations. The loan approval is instant and individual credit scores are not affected unless the consumers opt for a credit building feature.
Currently, the service is available in the US and Canada.
Since March, the company is said to have added 300,000 new customers.
Last month, Sezzle raised $55m through a fully underwritten institutional placement. The proceeds will be utilised to support its growth as well as bolster its balance sheet.
Recently, Splitit, another company which offers card based instalment payment solutions, raised $71.5m.