Fintech startup Klarna raised a fundraising mega-round led by Silver Lake. The company is raising $ 650 million for a post-monetary valuation of $ 10.65 billion. Klarna says it is now the most successful private fintech company in Europe after the current funding.
In addition to Silver Lake, the GIC (Singapore Sovereign Fund) and funds and accounts managed by BlackRock and HMI Capital also participate in the current funding cycle. Merian Chrysalis, TCV, Northzone and Bonnier bought out the existing shareholders.
Klarnas main product is an alternative payment method on e-commerce platforms. It allows you to buy now and pay later in three or four installments with 0% interest. It has been very popular in different European markets as many customers do not have a credit card and / or do not want to pay the fees associated with revolving lines of credit.
Merchants are paid when the initial transaction occurs, with Klarna transparently managing lines of credit for customers. In addition to transaction fees, the business also generates revenue from late fees.
More recently, the company has expanded to the United States where it now has 9 million customers out of a total of 90 million customers. It competes primarily with Affirm in the United States. Klarna has also broadened its offering by targeting consumers directly and not just e-commerce businesses.
You can now download the Klarna app to see all of your Klarna payments, access a store marketplace, track deliveries, and set up price drop notifications. Using the app, you can also create virtual cards to pay with Klarna on unsupported stores, such as Amazon. It’s not as easy as clicking Klarna while checking out, but it works. The app has 12 million monthly active users and 55,000 daily downloads.
The company launched a rewards program called Vibe this summer. It is only available in the United States at this time. It allows you to earn points for every dollar spent using Klarna as a payment method. You can redeem points for gift cards at H&M, Amazon, Walmart, Uber, etc.
Klarna now works with 200,000 business partners, such as Sephora, Groupon and Ralph Lauren. In the first half of 2020, the company reported revenue of $ 466 million and $ 59.8 million in losses.
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