Ally Lending in buy now, pay later tie up with Sezzle

Ally Lending, the personal lending arm of US-based Ally Bank, is adding to its retail market lending offerings via an agreement with buy now, pay later specialist Sezzle.

The news comes on the heels of an announcement to partner with Vyze, Mastercard's alternative financing platform for retailers.

"We're dedicated to offering flexible payment solutions for consumers across a range of price points as they shop their favourite stores," says Hans Zandhuis, Head, Ally Lending.

"Now, more than ever, consumers are looking for user friendly, affordable financial tools that simplify their lives. This new agreement is another example of how Ally is addressing these demands."

“This collaboration extends our customer financing offerings with a stable, trusted partner, making it possible for consumers to better manage their finances with confidence," adds Charlie Youakim, Executive Chairman and CEO, Sezzle. "Ally's dedication to its customers and commitment to innovation aligns with our own vision and culture – making this relationship the perfect fit for us."

The agreement will cover purchases up to $40,000 and monthly fixed rate instalment loans that can extend up to 60 months. Ally Lending will begin funding loans for retail market borrowers in Q1 2021.