Klarna experienced 300 percent growth during the first half 2021

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Klarna, a Swedish company that sells buy-now and pays later, reported a 300 percent increase in sales for the first half 2021. Business of Fashion reported the news. Klarna’s gross merchandise volume increased to 20 billion dollars in August from 12 billion last year. Klarna’s increasing presence in the U.S. is responsible for much of this growth.

In June, Klarna reported they had over 20 million users, an increase from 17 million in April. Klarna currently has over 250,000 retail partners around the world, ranging from Under Armour and Saks Fifth Avenue.

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After a June fund raising round led by Softbank, Klarna raised 639 million dollars, putting their valuation at 45.6 billion dollars. App Annie reports that Klarna’s rapid growth has been further highlighted by the Klarna app’s acceleration. With 4 million active monthly users in the U.S., daily downloads have outpaced the nearest competitor by 20%.

“The rapid growth of Klarna customers in the U.S. speaks to consumer demand for flexible payment options and a more seamless, convenient shopping experience,” said David Sykes, Head of North America for Klarna, in a statement. “The Klarna app makes it easy for people to browse and purchase across channels. They can also discover new brands and products while shopping online and in-store with interest-free payments. We will continue to grow our U.S. merchant network, providing more opportunities for customer acquisition.”