Ally Lending Announces Partnership with Sezzle

Banking CIO Outlook | Thursday, September 24, 2020

As a customer-centric company with passionate customer service and innovative financial solutions, Ally Lending is relentlessly focused on "Doing it Right" and being a trusted financial services provider to their consumer, commercial, and corporate customers.

FREMONT, CA: Ally Lending, the personal lending arm of Ally Bank, a subsidiary of Ally Financial, announced the expansion of its retail market lending offerings via an agreement with Sezzle, a fast-growing installment payments platform. The news comes on the heels of an announcement to partner with Vyze, Mastercard's leading alternative financing platform for retailers.

"Our relationship with Sezzle is part of Ally's partnership-driven growth strategy, and it supports our customer-first mindset. We're dedicated to offering flexible payment solutions for consumers across a range of price points as they shop their favorite stores," said Hans Zandhuis, head of 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."

The company's announcement in the "buy now, pay later" space comes as this emerging segment continues to gain traction with American consumers.

"Millions of Americans are facing economic challenges right now and the need for flexible payment options has never been greater," Zandhuis said. "Our partnership with Sezzle will not only provide budget-friendly, 'buy now, pay later' financing options, but also a seamless online shopping experience at over 10,000 merchants."

Leveraging its digital expertise and growing footprint in the retail lending space, Ally Lending will bring a best-in-class, fully digital application process to Sezzle for purchases up to $40,000, and monthly fixed-rate installment loans that can extend up to 60 months. Consumers using the platform will have the opportunity to discover new stores, manage existing orders, reschedule future payments, change payment methods, and receive notifications ahead of their next payment. Ally Lending will begin funding loans for retail market borrowers in Q1 2021.

"Our collaboration with Ally Lending extends our customer financing offerings with a stable, trusted partner, making it possible for consumers to better manage their finances with confidence," said Charlie Youakim, executive chairman and CEO of 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."

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