Klarna ups the ante as it reaches 20 million customers in the US

Karthik Subramanian

Klarna, the payments, and shopping platform has touched 20 million users in the US alone and now has over 4 million active users every month which makes it a clear leader in the segment far ahead of the competition.

klarna

But this success has not been easy and has seen the company pump in a lot of money for marketing, sales, acquisitions and partnerships which led to an overall loss in 2019 but all these efforts and spending seem to be bearing fruit in the recent months as its userbase grows very strongly and quickly not only in the US but also in the other countries where it has a presence, especially in Europe. The launch of a buy-now-pay-later product recently has also helped the platform to attract the new generation of users who can now make costly purchases and repay them at no cost within a few months in the form of monthly instalments.

It is learnt that the partnership with Macy’s was the turning point in business for Klarna as far as the US market is concerned and since this partnership launched it has been able to grow very strongly with good user adoption of its platform. Also, recently, Klarna announced a partnership with Westpay AB, another payments platform and this partnership would see the various product offerings of Klarnga being incorporated into the Westpay platform in the coming months. This is another example of how aggressively Klarna has been growing and expanding in recent times.

“We all know the impact Klarna has had and continue to have on the payment landscape. The simplicity they brought to online payments has been a game-changer for the end-consumer. Through our cooperation, we will bring the same simplicity to in-store environments. I am looking forward to working together with Klarna, advancing the next generation of in-store payments”, said Sten Karlsson, CEO at Westpay.

Klarna has been raising massive funds from various investors in a series of funding rounds over the last few months and at the same time, has been spending the money on acquiring other businesses and partners as well. This has helped it to grow and be valued at over $40 billion at this time which makes it the second biggest privately owned company. But it has also been recently reported that it would be going public towards the beginning of the next year and discussions with various investment banks have already started over these plans.

 

Read this next

Digital Assets

CME Group to launch reference rates and indices on Avalanche (AVAX), Filecoin (FIL), and Tezos (XTZ)

Several leading crypto exchanges and trading platforms will provide pricing data for these new benchmarks, starting initially with Bitstamp, Coinbase, Gemini, itBit, Kraken, and LMAX Digital.

Technology

OneConnect launches operation in ADGM further expanding in Middle East

OneConnect has launched its regional operations in Abu Dhabi Global Market (ADGM), the leading international financial centre of the capital of the UAE, after having worked together on the creation of the ADGM Digital Lab which was launched in April 2021. The ADGM Digital Lab is a marketplace and industry sandbox to encourage the development […]

Industry News

Bitso powers crypto into Via’s payroll platform as remote work triples by 2027

“We are also allowing companies to hire international talent without worrying about administrative issues.”

Retail FX

Vantage partners with FinaCom for external dispute resolution and up to €20,000 protection per client

Vantage has joined the Financial Commission (FinaCom) as a member, thus gaining access to the external dispute resolution body’s range of services and membership benefits, including the unbiased resolution process facilitated by FinaCom, and the protection of up to €20,000 per client, covered by the FinaCom’s compensation fund.

Digital Assets

LMAX Digital onboards Bryan Christian and Cassandra Cox to lead sales

Institutional cryptocurrency exchange LMAX Digital continues to undergo a series of changes in its top ranks as it continues to build its presence globally. Two industry veterans, Bryan Christian and Cassandra Cox, have joined the group as its newest sales directors in Europe and USA.

Digital Assets

Cake DeFi introduces Ethereum Staking with 5% returns

Cake DeFi, a Singapore-based DeFi platform, is launching its Ethereum (ETH) staking service for retail and institutional customers.

Retail FX

FX trading rebounds 405pct at Saxo Bank in September

In a volatile market driven by Russia-Ukraine headlines, FX trading volumes through Saxo Bank have rebounded strongly in September to the highest level in three months.

Retail FX

CMC Markets’ stock climbs as H1 revenue to climb +20%

CMC Markets PLC (LSE:CMCX) shares spiked 5.6 percent to 235p in Thursday’s trading after the firm’s trading update for the first half of its fiscal year 2023 revealed results at the high end of company projections.

Retail FX

Interactive Brokers doubles client accounts to 2 million in 24 months

Electronic brokerage firm Interactive Brokers LLC (NASDAQ:IBKR) said its trading volumes took a slight step back in September, an indication that investor confidence is still fairly mixed over the past few months.

<