Klarna climbs to top fintech ranking after being valued at £8bn

Sep 15, 2020

Swedish buy now, pay later firm Klarna climbs to top fintech ranking after being valued at £8bn

By Daily Mail City & Finance Reporter

Published: 17:16 EDT, 15 September 2020 | Updated: 17:53 EDT, 15 September 2020

Swedish payments firm Klarna has become Europe¿s highest-valued fintech firm

Swedish payments firm Klarna has become Europe’s highest-valued fintech firm

Buy now, pay later firm Klarna has become Europe’s highest-valued fintech firm, at £8billion.

The payments outfit has raised £500million in a funding round, led by big-name investors such as Singapore’s sovereign wealth fund GIC and Blackrock, and overtaken digital bank Revolut as Europe’s most valuable fintech outfit.

The Swedish company lets shoppers on 200,000 online sites such as Asos and H&M, buy up-front and pay in instalments.

Cash-strapped millennials enjoy the freedom it allows them though personal finance experts have warned the firm could be tempting young people into dangerous levels of debt. 

Klarna has over 12m users, and revenues rose more than a third to £356million in the first six months of 2020.

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