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Klarna becomes Europe’s most popular private fintech

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The Swedish company said in a statement Tuesday that it had raised $ 650 million from investors, which also include the Singapore sovereign wealth fund (GIC) and funds managed by BlackRock. The company said it is now the most valuable private financial technology company in Europe.

Klarna said she would use the funds to invest more in the business and grow its global presence, particularly in the United States, where more than 9 million consumers have used its services.

How 'Buy Now, Pay Later' Businesses Get Young Buyers to Use Credit
Klarna allows online shoppers to pay for their purchases in interest-free installments or finance. Merchants who use the platform, such as Sephora, H&M (HNNMY), Asos (ASOMIA) and Adidas (ADDDF), are prepaid for the goods by Klarna, who charges a transaction fee and a percentage of the sale.

In the United States, Klarna competes with rivals such as Clearpay-branded Affirm and Afterpay in Europe. Buy now, pay later services are particularly attractive to younger consumers, who shop frequently online and may not have a credit card.

The Klarna app has more than 12 million monthly active users worldwide, with 55,000 downloads daily, according to the company. It took advantage of a surge in e-commerce during the coronavirus pandemic, adding around 200 new retailers a day in the first half of 2020 and selling products worth $ 22 billion, a 44% increase from the same period last year.

“Klarna is one of the world’s most disruptive and promising fintech companies, redefining the e-commerce experience for millions of global consumers and retailers, just as e-commerce growth accelerates in the world. worldwide and is moving rapidly to mobile, ”CEO Egon Durban said in a statement.

Silver Lake is also invested in Airbnb and Jack Ma’s Alibaba Group (BABA), and earlier this month made its second billion dollar investment in Reliance Industries in India, after supporting its subsidiary Jio platforms earlier this year.
Current investors in Klarna include Sequoia Capital, Commonwealth Bank of Australia (CBAUF) and Ant Group, Alibaba’s financial subsidiary.

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