Payment platform Sezzle said it has confidentially submitted a draft registration statement for an initial public offering (IPO) to the U.S. Security and Exchange Commission, according to a press release.
The release notes that neither the number of shares or price has been revealed.
The IPO will likely take place after the SEC completes its review process, subject to market conditions.
Sezzle, which works to deliver buy now, pay later (BNPL) installment plans, touts instant approval and unaffected credit scores among its benefits.
Sezzle has recently announced plans to become a “super-app” hub and manage all its consumers’ payments after its rival Square bought Afterpay recently.
Sezzle CEO Charlie Youakim told PYMNTS that the idea was to keep offering products and becoming a one-stop shop for various purchases. The company also wants to become an onramp for more traditional credit services.
BNPL services have been popular among consumers lately, with the competition remaining high and seeming to look to stay that way. Sezzle will face competition from Square as well as PayPal and others. And there are also the imminent challenges posed by other companies like Apple, which is said to be rolling out its own BNPL service.
According to Youakim, the thing that sets Sezzle apart could be its way of approaching credit scoring, in which it extends credit to people who might not otherwise qualify.
Read more: Sezzle CEO Responds To Square’s BNPL Deal: We’ll Manage All The Ways Consumers Pay
Sezzle was said to be planning an IPO earlier in 2021 as its growth kept expanding.
“The timing, number of shares of common stock to be offered, use of proceeds and the price for the proposed initial public offering have not yet been determined,” Sezzle said in the announcement, per PYMNTS.
Sezzle said in its earnings at the time that there were almost 400,000 active customers added during the first quarter of the year.
The top 10 percent of its clients, in addition, transact around 49 times per year.
See more: Sezzle Plans US IPO Amid Growth In Active Merchants, Consumers
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