Buy Now, Pay Later company Klarna has announced new equity funding of $639 million.
The money will be spent on the business’ international expansion and to “further capture global retail growth.”
The funding values the payments provider at $45.6 billion, which makes it the highest-valued private FinTech in Europe, according to Klarna.
The round was led by SoftBank’s Vision Fund 2,, with additional participation from existing investors Adit Ventures, Honeycomb Asset Management and WestCap Group.
“Consumers continue to reject interest-and fee-laden revolving credit and are moving toward debit while simultaneously seeking retail experiences that better meet their needs,” said Sebastian Siemiatkowski, Klarna chief executive. “Klarna's more transparent and convenient alternatives align with evolving global consumer preferences and drive worldwide growth.
Siemiatkowski added: “I’m very proud of the investors who are supporting Klarna’s ambition to challenge these outdated models to empower consumers with fair, transparent, and convenient products to help them bank, shop and pay each day.”
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