Sezzle has amended its bank partnership agreements with WebBank to expand its product offerings. The updated agreement, effective August 12, 2026, facilitates the launch of two new products: SezzleCash (a cash advance product) and Sezzle Send (a payments product). The amendment also significantly increases the company's minimum tangible net worth covenant.
Key Details
- Product Expansion: The partnership now supports 'SezzleCash' and 'Sezzle Send', with WebBank originating, funding, and retaining the loans for these new products on its balance sheet.
- Loan Retention Threshold: WebBank will retain loans for the new products up to an initial aggregate threshold of $30.0 million, which can be increased to as much as $150.0 million at WebBank's discretion.
- Financial Covenant Change: The agreement increases Sezzle's required minimum tangible net worth from $12.0 million to $100.0 million.
- Agreement Term: The initial term of the partnership program remains unchanged, running through September 27, 2029.