H&M invests $20M in Klarna.
The deal involves the acquisition of a small equity piece in Klarna for $20M for a stake of less than 1% as well as further integrate H&M’s digital and physical stores to support customers shopping experience, online and offline.
Klarna, founded in 2005 and led by CEO Sebastian Siemiatkowski, is one of Europe’s leading payments providers and a newly-licensed bank. The company works with 90,000 merchants, including ASOS, Adidas and IKEA, and boasts 2,000 employees.
Klarna has raised about $300M in risk capital from investors including Visa, Sequoia Capital or Atomico.
Prior to this deal, Klarna and H&M invested together in the Sweden startup Wrapp, which is a payback-app connecting directly to your debit card or credit card.