With BNPL stocks showering investors with riches this year, markets are in the process of matching actual numbers with bullish growth outlooks.

Two more companies in the local BNPL cohort provided market updates this morning, as Sezzle (ASX:SZL) and Splitit (ASX:SPT) released their 4C filings.


Sezzle booked underlying merchant sales of $318.2m, a quarterly gain of 21.4 per cent. (As a dollar-amount comparator, Afterpay (ASX:APT) chalked up $4.1bn in the September quarter).

That flowed through to merchant fee revenue of 18.1m — a margin of 5.69 per cent (APT charges between 3-7 per cent).

SZL reported an active customer base of 1,792,681, with a merchant base of 20,890 companies.

The company booked cash receipts from customers of just under $US209m, up from US$169.3m in the June quarter.

Factoring in about $US200m worth of payments to merchants, net operating cash outflows came it at -$US4.7m. SZL finished the quarter with about $US118m of cash in the bank.

Following the update, shares in SZL traded steady at around $6.90.

The company ran red-hot from March lows of 40c to more than $11, before investors hit the brakes following its half-year results in August.


For Splitit, merchant sales volume for the quarter came in at $US70.9m, a gain of eight per cent from Q2.

That flowed through to gross revenue of $2.4m (flat for the quarter), from 186,000 active shoppers across an active merchant base of 629 companies.

Splitit, which broadly targets a consumer market that makes more expensive purchases, said its average order value was $US1,004, a gain of 12 per cent from the previous quarter.

SPT finished September with a cash balance of $US100.6m following a $100m cap raise in August.

The company recorded cash receipts from customers of $2.027m for the quarter.

Net cash outflows came in at more than $US18m, a shortfall SPT attributed to a “$US12.6M increase in merchant receivables, due to continued rapid growth in the merchant funded model”.

Shares in the company were around 4.5pc lower in morning trade at ~$1.30, still well up for the year following a huge surge in June on the back of a new deal with Mastercard.