Sezzle becomes first BNPL to offer free Credit-Building in Canada
By Gloria Methri
Sezzle, a Buy Now, Pay Later solution in Canada, has announced the expansion of Sezzle Up, a consumer credit product, into the Canadian market.
Sezzle notes that many lenders are hesitant to extend credit to consumers without any credit history or score. Consumers may face a catch-22 situation –– unable to get that ﬁrst credit product when they lack a credit history. Sezzle Up gives consumers the opportunity to build their credit profile if they choose to do so, bridging the gap between the credit underserved and the ability to use and build credit wisely.
Any Sezzle shopper in Canada that has completed one full order payment can opt into Sezzle Up. The service enables shoppers to build their Equifax credit profile and view their spending limit.
Users who elect to join the program have their repayment behaviour submitted to Equifax Canada, which allows users with good credit, thin credit, poor credit, or no credit history at all to establish or build a credit foundation.
“Building our users’ credit profiles has been a goal for our team since day one – it’s our most progressive step yet in our pursuit to democratize ﬁnancial freedom,” remarked Sezzle Canada GM, Patrick Chan. “Sezzle Up’s credit-building feature is a monumental pillar of our commitment to a consumer-ﬁrst product and furthers our commitment to ﬁnancially empower the next generation with more tools to build their credit.”
“Helping underserved communities, youth, new to Canada, and others with little to no credit history is our focus at Equifax. We are modernizing the financial system to match today’s realities,” said Equifax Canada’s Chief Data Officer, Sandy Kyriakatos. “We also believe in educating consumers and giving them control of their financial future. As part of that mission, we are thrilled to be working with Sezzle. This type of data can be powerful for consumers in Canada, helping their credit health.”
IBSi Daily News Analysis
June 06, 2023
B2B Buy Now Pay Later
Despite better banking oversight, fraud remains a real threat to the futureRead More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage