Sezzle applied to the Office of the Comptroller of the Currency to open Sezzle Bank, N.A., following through on the national bank plan it announced in August. If regulators approve it, Sezzle Bank would offer insured checking and savings accounts plus credit products aimed at digitally native shoppers, including people new to credit who tend to avoid credit cards. Sezzle had originally pursued an industrial loan charter but switched in August after CEO Charlie Youakim pointed to new state BNPL laws in New York, Illinois, and Oregon, which a national charter would help it avoid. Because Sezzle would own the bank, it also has to register as a bank holding company, which puts the whole company under Federal Reserve supervision. Sezzle expects all of the approvals to take 12 to 18 months.
