Klarna announced a $1 billion financing round.
Klarna, a Stockholm, Sweden-based provider of payment and shopping services, announced securing a $1 billion financing round.
The company says that the transaction was 4X oversubscribed round and was backed by new and existing investors, including Silver Lake, Sequoia Capital, Bestseller Group, Atomico, VISA, Ant Group and Permira.
The deal was made at a post-money valuation of $31 billion, the highest one for a private fintech company in Europe and the second highest worldwide.
Proceeds will be used to accelerate international expansion and capitalize on global retail growth.
Klarna was founded in 2005 by CEO Sebastian Siemiatkowski, providing a service allowing users to make online purchases with retail partners in four monthly installments with no fees or interest charges when they pay on time. The company now claims to work with 250,000+ retailers, processing sales volumes of $53 billion and bringing a turnover of $1 billion per year.