Discover Financial Services invests US$30m in Sezzle

Discover Financial Services has agreed to invest US$30 million (A$40.22 million) in Sezzle (SZL).

Sezzle signed an agreement with Discover’s subsidiary, DFS Services.

Discover is a digital banking and payment services company based in the US.

Under the agreement, Discover will purchase over 4.5 million shares for US$6.58 (A$8.83) per share.

The shares will be issued using the company’s existing placement capacity, and will therefore not need shareholder approval.

In addition to the investment, the parties have also proposed to enter an expanded partnership. This includes plans for a buy now, pay later network solution on the Discover Global Network and a dedicated referral program introducing Discover credit and debit products to Sezzle’s consumer base.

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Source: Discover Financial Services invests US$30m in Sezzle (ASX:SZL) – The Market Herald