Klarna acquired Close Brothers Retail Finance from UK merchant banking group Close Brothers Group plc.

Sweden M&A 14 September 2018
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Klarna Bank AB, Stockholm, Sweden-based payment provider announced that it is acquiring Close Brothers Retail Finance from leading UK merchant banking group Close Brothers Group plc

The acquisition, which has the financial details undisclosed, aims to strengthen Klarna’s position in the UK market for retail financing and will enable accelerated growth and expansion of the consumer offering.

Close Brothers Retail Finance, founded in 2014, is one of the fastest growing providers of retailer finance in the UK, with over 600 active merchants in the UK. The point of sale finance products offered allow shoppers to pay over time in simple, fixed monthly payments, helping merchants convert more browsers into buyers, uplifting sales and ultimately providing a superior customer experience and driving loyalty