klarna, fintech

Klarna, a  Sweden-based fintech company known for its “Buy now pay later” feature, announced on 1st March 2021 that it raised US$ 1 billion in its latest funding round.

Investors: According to sources familiar with the matter, around 30 investors took part in the latest funding round with no single investor leading the charge.

The latest round brings the new valuation of the company to US $31 billion, making it Europe’s most valuable startup. It also brings Klarna in the same class as some of Europe’s leading listed Financial banks and makes it larger than Germany’s top lender Deutsche Bank.

Klarna has been backed by investors such as Sequoia Capital, Silver Lake, Bestseller Group, Dragoneer, Permira, Visa, Ant Group and Atomico.

“Spotting early success stories like Klarna and watching them grow into global unicorns is what makes us so bullish about the future of European tech” — Hans Otterling, partner at Northzone (An early investor of Klarna).

The new round of investment would be used to facilitate global expansion and further tap into international retail growth.

About Klarna:

Founded in February 2005 by Niklas Adalberth, Sebastian Siemiatkowski and Victor Jacobsson, Klarna is an online payment solutions platform for merchants and shoppers. It seeks to make payments simple, smooth and hassle-free for its users. It offers a variety of payment options including direct payments, pay after delivery and instalment based payments in a smooth one-click manner.

Coming to numbers, Klarna currently has around 90 million active users and 250000 retail partners operating on its platform. It has around 3500 employees and its daily transactions are pegged at 2 million.

What the CEO has to say:

“At Klarna, we solve problems – that is the heart of what we do for both consumers and retailers. Consumers want transparent products to help them bank, shop and pay that reflect the way they live their lives, not just outdated traditional models. Each and everyone of us at Klarna will continue to work hard on this, but it is also time for us, with our culture of change, disruption and innovation, to focus on tackling bigger, more complex issues. I believe our industry has a responsibility to help in some way solve global sustainability issues and I hope others will join Klarna in our ambition” —Sebastian Siemiatkowski, CEO and co-founder of Klarna.

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