Sezzle looks good!, page-30

I don't think so to be honest. I think M&A activity makes sense to enter new markets, not to increase market share in existing markets. There is nothing stopping someone who is using Sezzle to switch to Klarna at any point, so the fact that someone is using Sezzle over Klarna in US (just as an example) means they prefer the product/company of Sezzle. So Klarna can't just buy Sezzle, "buy" the customers, absorb the Sezzle brand into Klarna and realise the synergies and cost savings from doing so. Instead, if Klarna bought Sezzle they would have to operate both companies and they sort of eat into each others market share.

The only reason why I could see someone wanting to buy Sezzle is if Sezzle starts doing really well in India, a market where the others have no presence. Then it would become an obvious take-over target, although if Sezzle does do well in India then it would be an expensive acquisition imo.

The other scenario where I could see Sezzle being a take over target is an existing large company that wants a piece of the BNPL market but doesn't have it's own products e.g. a large bank like Citi or one of the payment channel providers Visa, MC etc. But I highly doubt Affirm, Afterpay, Klarna or Z1P have an interest.