Sezzle Grows Merchant Network: Can New Brands Drive Wider Adoption?

SEZL expanded its buy-now-pay-later merchant network with three additions: Gymshark, Debenhams Group, and Follett Higher Education, giving the company access to 7.5 million students through the Follett partnership alone. The moves diversify SEZL's consumer base across fitness, retail, and education verticals.

The company posted Q2 2026 results showing active subscribers climbed 76.4% year-over-year, while purchase frequency hit 7.2 times per user. Gross merchandise volume rose 37.9% to $1.3 billion in the quarter. The subscriber and frequency gains suggest retention is strengthening as the platform scales.

SEZL faces intensifying competition as Block and AFRM push their own BNPL products into international markets. The three-way race hinges on merchant density, consumer credit performance, and take rates—all of which tighten as the sector matures. SEZL's move into education spending via Follett could offer a differentiated niche if student adoption converts to post-graduation loyalty.