Ann: Regulatory Update - California, US, page-8

I had a look on Sezzle's site, their core product is identical to APTs. The only reason they got denied is because not only did they operate without one (like Afterpay apparently has, since their licence was only issued in November), they tried to evade the law.

This is where Afterpay's management really shines, you can see they meant it when they said they want to proactively engage with regulators, unlike the two-bit Sezzle