Australia, insurance, car, home, live, holidays

Charlie Youakim,founder and CEO of the US Afterpay competitor Sezzle and its Chief Revenue Officer Paul Paradis.Credit:Wayne Taylor

Merchant fees for the June quarter reached $US2.12 million compared to $US1.42 million for the March quarter.

An investor pointed out that Sezzle's 430,000 customers in the US for the June quarter means it is nearly one-third the size of Afterpay’s last disclosed US number of 1.5 million back in May.

Sezzle is currently valued at under $400 million. Afterpay has recently topped $7 billion.

"We are extremely proud to have attracted the support of our IPO investors,including many institutional investors who possess an extremely detailed understanding of the buy now,pay later sector and the immense opportunity ahead for Sezzle,"said the company's co-founder and executive chairman Charlie Youakim.

Sezzle raised $43 million in the IPO,with none of its investors selling down in the heavily oversubscribed float.

Sezzle was not the only buy now,pay later provider with news on Tuesday. Privately owned Payright announced the completion of a $27 million Series D fundraising through a mix of debt and equity.

The company,which specialises in the funding of more substantial acquisitions than Afterpay - typically around $1,000 - said it has now raised over $55 million from investors.

The opportunity is close to $300 billion in retail alone

“Payright has grown quite quickly in a short amount of time with a near-doubling of revenue quarter-on-quarter over the last 18 months and annualised volume now tracking at over $60 million based on recent monthly run rate,"said the company's co-founder and joint chief executive Myles Redward.

"There is a clear growth in the buy now,pay later space in the addressable market – the opportunity is close to $300 billion in retail alone,and only a very small portion of this is currently being serviced by other players in the market,” he said.

License this article