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UK News Payments firm Klarna valued at £32bn after raising funds for expansion

02:35  11 june  2021
02:35  11 june  2021 Source:   dailymail.co.uk

Klarna leads Europe-wide the Comparison Shopping Service An

 Klarna leads Europe-wide the Comparison Shopping Service An of the payment provider Klarna wants to enable dealers to optimize their advertising expenditure under Product Listing Ads on Google. Especially new customers should be able to achieve so cheaper. © Klarna Klarna allows dealers efficient e-commerce advertising. The payment and shopping provider Klarna launches a new feature called Comparison Shopping Service (CSS) in 21 markets, including Germany.

Klarna Bank AB said it raised billion at a valuation of billion, triple the price investors gave the Swedish payments firm during its last funding round, following rapid growth in its U.S. business.Europe’s most valuable startup initially set out to raise 0 million. Klarna Chief Executive Officer Sebastian Siemiatkowski said high investor demand led to this doubling, but could have gone as high as billion. It had been valued at .65 billion as recently as September.

STOCKHOLM (Reuters) - Swedish payments firm Klarna has raised 9 million from a group of investors led by SoftBank's Vision Fund II, lifting its valuation to about billion - higher than several of the region's major banks. Klarna , which allows shoppers to buy online through its merchant partners and settle their dues in instalments via "buy now, pay later" (BNPL), became Europe's most valuable startup in March when a Klarna , founded in 2005, took eight years to reach a valuation of billion, but less than 12 months to go from being valued at .5 billion to within touching distance of billion.

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Payments firm Klarna is now worth £32billion after raising a fresh chunk of money to help fund its expansion.

The shopping credit business, popular with millennials in their 20s and 30s, pulled in £451.7million of new money from Softbank and US venture capital firms Adit Ventures, Honeycomb Asset Management and Westcap Group.

It means Klarna’s value has now ballooned from £22billion in March and £7.8billion last September, making it the second-highest valued unlisted financial tech firm in the world.

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The company allows consumers who shop online to pay for their items in instalments, or to pay after their shopping arrives in the post so they have time to try it first.

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(Bloomberg) -- Klarna Bank AB said it raised billion at a valuation of billion, triple the price investors gave the Swedish payments firm during its last funding round, following rapid growth in its U.S. business.Europe’s most valuable startup initially set out to raise 0 million. It had been valued at .65 billion as recently as September.“What definitely has accelerated and changed is the success in the U.S. market,” Siemiatkowski said in an interview. Investors are seeing Klarna getting ahead of its competitors, he said. “I think that has changed the perspective and changed the view on

Swedish payments giant Klarna has closed a fresh bn financing round, pushing the company’s valuation up to bn ahead of a potential stock market float. Klarna said the round, which was four-fold oversubscribed, makes it the most valuable private fintech company in Europe and the second highest worldwide. It was last valued at almost bn in September, following a 0m round from investors led by Silver Lake.

But Klarna, which was founded in Sweden, has drawn criticism in the UK for luring young people into unsustainable debt.

MPs and regulators are worried shoppers use Klarna without thinking of the risks, and only realise months later that they are paying off debts they cannot afford.

Chief executive Sebastian Siemiatkowski argues that his company is a force for good, and that using Klarna, which does not charge interest or late payment fees, is far better than using a credit card.

Siemiatkowski, a father of three, said: ‘I’m very proud of the investors who are supporting Klarna’s ambition to challenge these outdated models to empower consumers with fair, transparent, and convenient products to help them bank, shop and pay each day.’

Klarna said that 1 per cent of the money it has raised from investors will be ‘directed to initiatives supporting planet health’.

The firm gets most of its money through partnering with retailers, whom it charges a fee – it works with more than 13,500 in the UK including Asos and H&M.

It has 90m users worldwide, with 14m in the UK, and last year its operating profit rose 44 per cent to £777million.

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