CBA backed Klarna now valued at US$11 billion
Klarna has raised US$650 million as it prepares for further global expansion with the firm now valued at US$11 billion.
With the accelerated switch to online retail and evolving consumer preferences, Klarna has seen a surge in demand, adding more than 35,000 new retailers during the first half of 2020 to its network of more than 200,000 retail partners.
The funding round is led by tech investor Silver Lake, with more than $60 billion in combined assets under management, alongside GIC - Singapore’s sovereign wealth fund – as well as funds and accounts managed by BlackRock and HMI Capital. Concurrently, Merian Chrysalis, TCV, Northzone and Bonnier have acquired shares from existing shareholders.
These shareholders with join other investors including the Commonwealth Bank and Ant Group in backing Klarna’s future growth.
The funding will help Klarna further invest in its offering, continue to grow its global presence, and accelerate its strong momentum across all markets.
The business in particularly is growing strongly in the US, garnering 9 million customers.
“We are at a true inflection point in both retail and finance,” Klarna CEO Sebastian Siemiatkowski said.
“The shift to online retail is now truly supercharged and there is a very tangible change in the behaviour of consumers who are now actively seeking services which offer convenience, flexibility and control in how they pay,” he said.