Sezzle Inc. Amends Bank Program, Adds SezzleCash & Sezzle Send

What Happened Sezzle Inc. announced on August 18, 2026 that it entered into Second Amended and Restated Loan and Receivables Sale and Marketing and Servicing Agreements with WebBank to expand their existing bank partnership (the “Program”). The amended agreements add two products—SezzleCash (a cash advance) and Sezzle Send (a payments product)—for which WebBank will originate and fund loans. Unlike Sezzle’s existing products (which follow a sale structure), loans for the new products will be retained on WebBank’s balance sheet to maturity up to an initial aggregate retention threshold of $30.0 million (WebBank may increase this threshold, up to $150.0 million). Sezzle will continue to service all loans and WebBank remains the exclusive originator. The Program’s initial term remains through September 27, 2029.

Key Details

• Filing date: Form 8‑K dated August 18, 2026; full agreements to be filed as exhibits to Sezzle’s Q3 2026 Form 10‑Q.
• Loan retention: WebBank will retain new product loans on its balance sheet up to $30.0 million initially; WebBank may raise the cap up to $150.0 million.
• Covenants tightened: Sezzle’s required minimum tangible net worth was increased from $12.0 million to $100.0 million.
• Other changes: Added termination events for material judgments/fines (above a specified threshold) and for breaches of the Program’s financial covenants; sale structure and economics for Sezzle’s existing products remain substantially unchanged.

Why It Matters The amendment expands Sezzle’s product set under its WebBank partnership while changing the financing structure for those new products—WebBank, not Sezzle, will hold the loan assets for SezzleCash and Sezzle Send (subject to retention limits). Investors should note the substantially higher tangible net worth covenant ($100M vs. $12M previously) and added termination triggers, which may affect Sezzle’s capital flexibility and compliance monitoring. Sezzle will continue to service the loans, and the company plans to file the amended agreements as exhibits to its upcoming 10‑Q for Q3 2026 for full terms.