Klarna, the digital platform of Swedish origin focused on solutions such as the “buy now, pay later” (BNPL) model, has managed to close a new round of financing, obtaining 800 million dollars, but with a valuation 85% lower than that reported in June 2021, which was 45.6 billion dollars.
According to Klarna, this firm has not been immune to the impacts that the financial technology sector has had at a global level, where the shares of the ecosystem participants have been devalued in the public markets and therefore, with this new round, It presented a valuation of 6,700 million dollars.
“It is a testament to the strength of Klarna’s business that, during the steepest decline in global stock markets in more than 50 years, investors recognized our strong position and continued progress in revolutionizing the retail banking industry,” he said. Sebastian Siemiatkowski, CEO of the platform.
“Now more than ever, companies need a strong consumer base, a superior product and a sustainable business model,” he added.
The Klarna case is the most significant sample of the venture capital environment regarding the financial technology ecosystem. Different firms around the world have cut their workforces, under pressure from investors to generate profitability in a complex economic environment and company valuations begin to adjust downward.
Likewise, there are beginning to be signs of a slowdown in investments in this type of company. According to the firm FT Partners, in the first quarter of 2022, the global fintech ecosystem managed to raise risk capital for an amount close to 37.4 billion dollars, that is, the third highest record for a period of three months.
However, the firm highlighted a possible slowdown in general fundraising activity, but noted that it will be necessary to wait for the final numbers for the second quarter of the year.
For Klarna, having raised $800 million in the current context is notable given factors such as high inflation, rising interest rates, growing fears of a recession, fallout from the pandemic, trade tensions caused by supply chain disruptions of supply, increase in gas prices and the consequences caused by the war in Ukraine.
“With the recent change in investor sentiment, we now also change our focus and hope to return to a modus operandi of growth and profitability. The foundations have been laid to be a world leader,” Siemiatkowski said.
depth in america
The fresh resources raised by Klarna will allow it to focus on going deeper into the US market, where it currently has 30 million users.
According to the firm, existing investors participated in this new round, as well as new ones, who contributed resources for said growth. In this round, Klarna received backing from its existing investors such as Sequoia Capital, the founders, Bestseller, Silver Lake and Commonwealth Bank of Australia, as well as new ones such as Mubadala Investment Company and the Canada Pension Plan Investment Board.
Among the achievements of Klarna at a global level, the following stand out:
- More than 30 million users in the United States.
- Presence in 11 new markets since 2018, with coverage in 20 countries worldwide.
- Worldwide, it has more than 150 million users, being larger than American Express.
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