Ann: Sezzle Reports Record First Quarter Results, page-38

some Sezzle specific extracts from a BNPL article in the AFR from May 4 :

For investors, the growth in the United States buy now, pay later (BNPL) sector makes Australia look small beer. Around $1 billion of Afterpay's $2.6 billion in total sales came from the US in the March quarter, with rivals like US-centric Sezzle also growing strongly.

Over the year to March 31, Sezzle more than quadrupled North American merchants and consumers using its services to 12,715 and 1.15 million respectively. Afterpay has 4.4 million active customers in the US, more than the 3.2 million in its maturer Australian market.  Overall, it's a market that is between 10 to 20 times bigger than Australia.

Yet Minneapolis-based Sezzle chief executive Charlie Youakim says the US BNPL sector is still three years behind Australia. "We're at the early adopter phase in the US, but it's definitely picking up. Retailers are taking notice. They're starting to realise they need a solution," says Youakim.

Sezzle's Youakim dismisses fee pressure as a risk, given the business model increases sales and basket sizes for retailers, while giving consumers a superior alternative to interest-bearing credit cards.
"There's much more room to grow. That's number one," he says. "This payment by instalment trend is a mega trend. Customers love it. It's going to continue to take hold. It's still early days."

Broker Ord Minnett says "the growth rates Sezzle is experiencing cannot be ignored and the company represents the best opportunity in the BNPL segment".

It has a $3.40 valuation, more than double Friday's $1.61 closing price.