“They’re a fast-growing fintech company led by great people and I think they’re also at an inflection point in their organization,” Tanke said. “There was a ton of synergies as we got to know each other.”
Plus, the two organizations have some connections. Sezzle co-founder Paul Paradis previously worked for the Wolves.
Sezzle, a publicly traded company, developed a digital platform that allows consumers to make installment payments on purchases from groceries to furniture. Sezzle reported $56 million in revenue and $29.7 million in net income for its recent second quarter. The company, founded in Minneapolis in 2017, generated $159.3 million in sales 2023, up 27% over last year.
As of June 30, Sezzle had 2.6 million active customers in the U.S. and Canada. Placement on the Wolves jersey exposes Sezzle to millions of sports fans that could become potential users of its app.
A recent Nielsen survey found 40% of fans visited a brand’s website after seeing the sponsorship. Nearly a third of them actually bought from the brand because of its attachment to sports, and almost 70% said they are more likely to remember a company name if it sponsors a sport they are interested in.
Matt Balvanz, senior vice president of analytics and innovation at Navigate, a Chicago-based sports and entertainment consulting firm, called the partnership “a pretty smart deal all around.” The NBA recently signed a new television rights deal valued at $76 billion and the Wolves have one of the fastest-growing fan bases in the NBA due to its latest playoff run and popularity of star player Anthony Edwards, he said.