Buy-now, pay-later Swedish firm Klarna has reported 300 percent growth in the first half of 2021. The news was reported by Business of Fashion. On August 25, Klarna posted gross merchandise volume of 20 billion dollars, up from 12 billion in the same period last year. Much of this growth is attributed to Klarna’s growing presence in the U.S.
In June, Klarna reported they had over 20 million users, an increase from 17 million in April. Klarna currently has 250,000 retail partners worldwide ranging from Under Armour to Saks Fifth Avenue.
After a June fund raising round led by Softbank, Klarna raised 639 million dollars, putting their valuation at 45.6 billion dollars. The company’s growth is further highlighted by accelerated momentum of the Klarna app, which now maintains 4 million monthly active U.S. users as daily downloads surpass the closest competitor by 20 percent, according to App Annie.
“The rapid growth of Klarna customers in the U.S. speaks to consumer demand for flexible payment options and a more seamless, convenient shopping experience,” said David Sykes, Head of North America for Klarna, in a statement. “As people browse and buy across channels, the Klarna app allows them to discover new products and brands while having the ability to shop both in-store and online with interest-free payment options. In the year ahead, we will continue to expand our U.S. merchant base, offering greater opportunities for customer acquisition and engagement.”