Swedish fintech Klarna now has more than 100 million European users on its platform. It has also achieved a 14 percent year-on-year GMV growth in the second quarter in Europe. Within the United Kingdom, the GMV growth was even higher, 26 percent.
The Swedish payment service provider Klarna is well known for its ‘buy now, pay later’ solution in Europe. Last year, the company raised 800 million dollars in funding. Its valuation dropped with 85 percent at the time.
14% GMV growth in Europe
Now, the company announces that the total worth of the products sold (GMV) through Klarna grew 14 percent in the second quarter of 2023 compared to last year. In the United Kingdom, that growth was 26 percent. The payment provider now has 18 million customers and more than 31,000 merchant partnerships in the country. In Europe, over 470,000 merchants have partnered with Klarna.
‘We are doubling down to strengthen our market position in Europe and the United States.’
“It is fantastic to see this sustained, phenomenal growth across Europe, with GMV up 14 percent in the region. While other, smaller players dial back their commitment or leave the region altogether, we are doubling down, further strengthening our position in Europe, as well as the United States”, said Sebastian Siemiatkowski, CEO of Klarna.
Pay Now solution
According to the company, it was able to strengthen its position with expansions into new sectors. It also entered into strategic partnerships with TIER, MandMDirect and Deichmann. It also launched a new payment solution called Pay Now, where users can pay for an order immediately. More than a third of all transactions of the company were completed with this new option.