Klarna buys Stocard in 110 million euro deal

Karthik Subramanian

Klarna, a shopping and payments platform that is fast expanding to various regions of Europe, has acquired the German shopping application Stocart though both the companies have been pretty tightlipped about the deal so far.

klarna

The deal is supposed to have happened for €110 million and this means that Stocart would come under the Klarna brand. Klarna has been growing aggressively over the past few months and recently received investments from Ant Financial, the Chinese investment giant. It has been using these new funds to acquire companies and potential competitors in this space so that it would help its growth across Europe.

Just recently, Klarna had acquired another social shopping platform Hero in what was seen as an acquisition that would help it to move into social commerce in the long run. Klarna is also into the BNPL (buy now pay later) business but with this space expected to see a lot of competition in the coming months, due to the entry of majors like Apple and Paypal, Klarna is likely to focus on shopping and e-commerce in the coming years.

Stocard owners had initially planned to take the company public and had also been aggressively raising funds over the last few months but maybe the offer was too good this time and hence have decided to sell out and move out of the management team as is expected that the team from Klarna would be managing Stocart henceforth. Ant Financial is also reported to have been part of this acquisition and it makes sense for them to invest in this deal as they are already partners with Klarna. Ant Financial also owns WeChat which is fast growing into a super app not just within China but outside as well.

Stocart reports to be having more than 60 million users across the various countries in Europe and this acquisition should help both Klarna and Ant Financial a great deal in pushing their brands across the region. Klarna would be able to throw open its services to potential 60 million users and if there is good uptake of its services from this set of users, then this acquisition is likely to make a lot of business sense. This will also help to grow its reach and in the stiff competition expected in the BNPL and payment space, which is expected in the coming months, it would help to be the first mover and it also puts a lot of pressure on other startups.

Read this next

Digital Assets

US court rules crypto trades as securities in Coinbase case

A US court ruled that trading crypto assets on platforms like Coinbase constitutes securities transactions.

Market News

Weekly Data: Oil and Gold: Brief Review before the NFP

This preview of weekly data looks at USOIL and XAUUSD where economic data coming up later this week are the main market drivers for the near short-term outlook.

Institutional FX

FXSpotStream reports lower volumes for February 2024

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for February 2024, which moved lower on a monthly basis.

Fundamental Analysis

Global FX Market Summary: EUR, USD, Gold March 4th,2024

US Dollar Weakness: The US Dollar (USD) is currently struggling to gain strength due to a combination of factors.

Technical Analysis

Bitcoin Technical Analysis Report 4 March, 2024

Bitcoin cryptocurrency can be expected to rise further toward the next resistance level 69000.00 (former multiyear high from January)

Opinion

Finding Opportunity in Challenge: Why New Regulations Offer a Chance For Business to Get on Top of Data Management

The combination of CESOP, PSD3 and the PSR, has put businesses under new pressures. In this engaging article, André Casterman, Senior Advisor at Intix provides invaluable guidance on how companies can stay ahead of the curve.

Institutional FX

Finalto launches Prime of Prime offering on LSEG’s FX Matching venue

“By combining our expertise in Prime of Prime services with LSEG’s robust trading platform, we aim to empower clients with the tools and resources needed to navigate the FX market with confidence.”

Digital Assets

Tether’s USDT stablecoin nears 100 billion in circulating supply

USDT, the world’s largest stablecoin, has reached close to 100 billion in circulating supply, currently sitting at around 99.5 billion. Its market capitalization, which reached over $100 billion at one point, is calculated by multiplying the supply by the price.

Market News

5 Hot Stocks For March 2024

Entering March 2024 marks the beginning of the final stretch of the first quarter of the year, seemingly passing swiftly amidst market anticipation and global economic factors.

<