Sezzle Inc. filed a Form 8-K on August 18, 2026, disclosing that it entered into Second Amended and Restated Bank Program Agreements with WebBank on August 12, 2026, expanding their existing bank partnership program to cover two new products and amending certain financial covenants.

Key Highlights

  • New agreement date: The Second Amended Bank Program Agreements were executed on August 12, 2026, between Sezzle Inc. and WebBank, a Utah-chartered industrial bank.
  • Two new products added: The amended agreements expand the program to support SezzleCash, a cash advance product, and Sezzle Send, a payments product supported by installment loans.
  • WebBank loan retention: For the two new products, WebBank will retain loans on its balance sheet to maturity, subject to an aggregate retention threshold initially set at $30.0 million, which WebBank may increase at its discretion up to $150.0 million.
  • Covenant change: The minimum tangible net worth the company is required to maintain was increased from $12.0 million to $100.0 million.
  • Program term unchanged: The initial term of the program continues to run through September 27, 2029.
  • Exclusive originator: WebBank remains the exclusive originator of consumer installment loans and cash advance products marketed and serviced by Sezzle, subject to limited exceptions.

Sezzle and WebBank Amend Program Agreements to Add SezzleCash and Sezzle Send

According to the filing, Sezzle Inc. (NASDAQ:SEZL) and WebBank entered into a Second Amended and Restated Loan and Receivables Sale Agreement and a Second Amended and Restated Marketing and Servicing Agreement on August 12, 2026. These agreements amend and restate the previously disclosed Amended and Restated agreements dated September 26, 2024, which governed the parties' existing bank partnership program. Under that program, WebBank originates and funds the consumer installment loans offered in connection with Sezzle's products, and Sezzle continues to service all loans originated under the program.

The filing disclosed that the expanded program covers two additional products: SezzleCash, described as a cash advance product, and Sezzle Send, described as a payments product supported by installment loans whose proceeds are disbursed by WebBank to deposit accounts established by WebBank. The filing noted that, in contrast to the sale structure applicable to the company's existing products, WebBank will retain the loans for both new products on its balance sheet to maturity, up to an aggregate retention threshold initially set at $30.0 million, with certain other exceptions. The filing further stated that WebBank may increase that threshold in its discretion, up to $150.0 million.

In addition, the filing reported amendments to certain of the company's covenants, including raising the minimum tangible net worth requirement from $12.0 million to $100.0 million. New termination events were also added, covering judgments, fines, or penalties against the company in excess of a specified threshold and breaches of the program's financial covenants. The filing stated that the other material terms of the program, including the sale structure and economics applicable to existing products, "remain substantially unchanged." The company indicated it intends to file copies of the agreements as exhibits to its Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.

What Was Disclosed

Sezzle disclosed the execution of amended bank program agreements with WebBank, expanding their partnership to include two new products, revising loan retention terms for those products, and increasing the company's minimum tangible net worth covenant from $12.0 million to $100.0 million.