Banks expect an IPO in 2022
Klarna. (Photo: Ascannio / Shutterstock)
Europe’s most valuable fintech Klarna was able to increase its global transaction volume in the second quarter from 12 billion in the previous year to 20 billion US dollars. The loss increased even more considerably.
Like other pay-later services, the Swedish payment service provider Klarna is one of the winners of the corona crisis. Companies’ services are in greater demand than ever before. Acquiring investors does not pose problems for companies. In June, Klarna again managed to collect 639 million dollars, increasing the company’s valuation to 46 billion dollars. The valuation is based almost entirely on the fantasy of magnificent future profits. Klarna and Co. have not yet written in the black.
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Klarna remains the top dog in the USA, but wants to expand
The increase in transaction volume by 75 percent to $ 20 billion is offset by a doubling of the operating loss in the same period to $ 203 million. Klarna sees itself on course and wants to use the investor money to “conquer new markets and sources of income”, like Reuters quoted a communication from the company.
Klarna is already active in 17 countries. The company serves over 90 million customers and records around two million transactions every day. One focus is still on the USA, where Klarna alone already has 20 million customers, although the company is in competition there with Square and PayPal.
We hear from the banking sector that Klarna will go public in New York in early 2022. That is not confirmed. Behind the company are financial investors such as Softbank, Sequoia, North Zone and Silver Lake as well as individual investors such as the well-known rapper Snoop Dogg.
