Klarna Bank AB, a leading Swedish fintech company, is gearing up to integrate cryptocurrencies into its platform. This exciting announcement came from the firm’s CEO, Sebastian Siemiatkowski, who shared his intentions with his 33,000 followers on X over the weekend.
Klarna’s Background and Popularity
Founded in 2005, Klarna has become a household name in Europe, particularly known for its “buy now, pay later” services. With a valuation of approximately $14.8 billion, the platform boasts an impressive user base of over 85 million customers and processed around $100 billion in transaction volume, as highlighted by Siemiatkowski.
The company has garnered significant backing from prominent investors, including Sequoia Capital, which invested in Klarna in 2010. Sequoia is known for supporting a multitude of fintech and cryptocurrency ventures, holding a substantial 22% stake in Klarna. The venture capital firm is also involved with other notable companies like Avalanche, Fireblocks, Stripe, and the crypto exchange EDX Markets.
A Shift Towards Cryptocurrency
In his post, Siemiatkowski expressed enthusiasm about this new direction, stating, “I give up. Klarna and me will embrace crypto! More to come.” His remarks underscore a growing trend among fintech firms to incorporate cryptocurrencies into their services. Competitors like Robinhood, Venmo, and Revolut have already established features that allow users to buy, sell, and hold various cryptocurrencies.
Feeling Historic and Reflective
Siemiatkowski remarked on the significance of Klarna’s decision, noting that it feels “historic” for the company to be the last major fintech in the world to embrace cryptocurrency. “Someone had to be last,” he added, reflecting on the broader industry’s movement towards digital currencies.
Exploring Integration Options
While the CEO has not provided specific details on how Klarna plans to incorporate cryptocurrencies, he mentioned that the company would explore various options. A user suggested a potential “buy crypto, pay later” feature, to which Siemiatkowski humorously responded, “probably not.” He indicated that while Klarna is open to ideas, it may take time to develop a comprehensive plan for crypto integration.
In summary, Klarna’s forthcoming foray into the cryptocurrency space signifies a pivotal moment for the company and the fintech industry as a whole, promising new possibilities for its vast user base.
