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September 10 2020

Klarna is looking to raise $500 million and double valuation to $10bn

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The Swedish fintech unicorn Klarna asked investors for a new round of funding. This one would set the company’s value to $10 billion.

If Klarna’s attempt is successful it could once again become Europe’s highest valued fintech. Three sources said to Reuters that the goal is to expand Klarna’s business in the United States.

Read also: Swedish unicorn Klarna reports increase in net losses

The investors that Klarna is already counting on are Sequoia Capital, Bestseller, Dragoneer, and Commonwealth Bank of Australia.

The buy now, pay later giant is currently worth $5.5bn. After the $460m fundraise last year that Klarna secured, the company claims to have about 85 million customers and 235,000 merchant partners.

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Although the BNPL giant is growing immensely and has recorded growth despite the lockdown last year has not been as successful for the company.

Since the launch of Klarna in 2005 the company has been profitable each year. However, the profit of $10m in 2018 turned into a loss of $93m last year.

The main reason for that was Klarna’s push for the US expansion. As Di Digital reported, Klarna’s goal was to show around €100m of revenue in the US in 2017 but didn’t reach a fraction of that. That year, Klara also laid off half its American workforce.

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