US$166b in tariff refunds plus interest is quietly reshaping corporate cash piles, at the same time that fresh trade barriers and a wider US fiscal deficit keep markets on edge. That mix of extra liquidity and higher risk is creating potential winners among financial stocks that sit closest to new corporate cash. This article unpacks the tariff story and highlights three stocks exposed to these refunds that investors may want to keep on their radar.

The sample stocks covered below are just a starting point, and the full screen has surfaced 10 more companies with equally compelling tariff refund narratives that are not discussed in this article. To go straight to the source and identify, compare and analyze those potential beneficiaries, head into the US Financials Benefiting from Corporate Tariff Refund Cash Inflows screener.

Sezzle (SEZL)

Sezzle is a US-focused buy now, pay later and digital payments company that extends short term credit at the checkout, so higher liquidity for merchants and consumers from tariff refunds could translate into more transactions flowing across its platform. The business currently earns all of its US$531.9 million in revenue from lending to end customers through products such as Pay-in-Four, Pay-in-Five, subscription services like Sezzle Premium and stored-value offerings. With a market cap of about US$4.3b, Sezzle sits in the mid cap fintech space where funding access, risk controls and earnings quality matter as much as growth.

Investors watching the tariff refund story may want Sezzle on their radar because it connects rising liquidity directly to consumer spending, yet it is more than a pure volume play. The company reports high profitability metrics and raised guidance, while also pursuing a US national bank charter and a larger credit facility that could deepen its funding pool if transaction demand continues to build. At the same time, elevated expectations built into the current P/E, reliance on external funding rather than deposits and sensitivity to credit losses keep the risk side of the ledger very real. The key question is whether Sezzle can convert strong user momentum and richer funding access into durable earnings without letting credit or marketing spend get ahead of itself.

Sezzle’s accelerating user momentum and push for a US national bank charter can look like a powerful combo, yet the real story sits in how funding, credit risk and tariff-fuelled spending all intersect in the 3 key rewards and 2 important warning signs

Build your own Sezzle style tariff refund shortlist

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Block (XYZ)

Block runs two large ecosystems that plug directly into the tariff refund theme. Square serves merchants with payment processing, software and banking tools, while Cash App offers consumers peer to peer payments, cards, investing and bitcoin. Most of the company’s revenue comes from Cash App at about US$15.6b, with Square contributing roughly US$9.0b and corporate and other revenue around US$400 million. With a market cap near US$49.8b, Block is a sizeable US financial platform where extra corporate liquidity from tariff refunds could flow into higher merchant balances and payment activity across its rails.

Block may be worth a closer look if tariff refunds have your attention because it already handles large payment flows for US merchants and consumers, so extra cash in corporate accounts could show up as higher volumes and balances inside Square and Cash App. The company is leaning into AI, embedded banking and new lending tools. These initiatives could influence its earnings power as more activity moves onto its platform. However, profitability has been uneven, and crypto related revenues add volatility and regulatory questions. For investors seeking exposure to a broad payments and digital finance ecosystem that can participate when liquidity rises, Block offers that mix, but the trade off between growth, earnings quality and risk is a key consideration.

Block’s tariff refund exposure, AI push and crypto swing factors create a story that feels bigger than its headline revenue mix. To see how those threads fit together, head straight to the 3 key rewards and 3 important warning signs

DLocal (DLO)

DLocal is a global payment processor that helps large merchants collect and send money across emerging markets, which links neatly to a tariff refund theme where importers suddenly have more cash to move across borders. The company generates all of its roughly US$1.36b in revenue from payment processing services, covering pay ins, pay outs and platform payments for sectors such as commerce, streaming and ride hailing. With a market cap of about US$4.2b, DLocal gives you focused exposure to cross border payment flows rather than a broad banking balance sheet.

DLocal could appeal if tariff refunds and ongoing trade frictions push more cross border commerce onto specialist payment rails. The stock screens as undervalued on a Simply Wall St DCF, yet the business shows high returns on equity and strong transaction growth tied to ride hailing and travel. This can indicate operating leverage if volumes keep building. The company’s focus on emerging markets and reliance on external funding create risks around regulation, tariffs and cost of capital. For investors willing to weigh those trade offs, the mix of growth, quality metrics and discounted valuation leaves more of the DLocal story to unpack.

DLocal’s tariff refund angle, combined with its cross border focus, creates a story of growth that many investors may be only half seeing. Get the full context in the full narrative for DLocal

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.