Swedish online payments firm Klarna announced Tuesday that it has reached a $5.5 billion valuation, making it Europe's largest private fintech company.
Swedish online payments firm Klarna said Tuesday it had reached a valuation of $5.5 billion, making it Europe's most valuable private fintech start-up.A handful of European fintech start-ups are expanding into the U.S. market.Swedish online payments firm Klarna announced Tuesday that it has reached a $5.5 billion valuation following a $460 million funding round, making it Europe's largest private fintech company.
The Stockholm-based start-up, which provides a 'buy now, pay later' service for shoppers, said it would use the new funds to continue its expansion into the U.S. market. The funding round was led by San Francisco-based Dragoneer Investment Group.in the retail and payments industries by offering customers the option to pay for purchases in increments over time, without paying interest.
Klarna was founded in 2005 and said Tuesday it is "in sight" of $1 billion in annual revenue. The company, which launched in the U.S. in 2015, said it is growing at a rate of 6 million new American customers per year.
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