Buy now pay later company Sezzle has completed an institutional placement launched last week, raising A$79.1 million of equity capital.
The company has a non-underwritten security purchase plan to follow and hopes to raise another $7.2 million.
In an investor briefing on Friday, the company said active consumer number grew by 325,990 in the June quarter to 1.5 million. Close to 90 per cent of active consumers are repeat users.
Active merchant numbers grew by 3397 to 16,112 and underlying sales in the June quarter were US$188 million – a threefold increase from the same period last year.
Merchant fees were 5.6 per cent of underlying sales.
The company said that close to 100 per cent of its sales were e-commerce transactions, putting it in a good position to benefit from the shift to more online shopping.
The company said it would use the funds to increase its sales and marketing activity, enhance its product set, work on overseas expansion opportunities and strengthen its balance sheet.
Following the completion of the capital raising, cash and cash equivalents will increase to US$94.4 million.