The Commonwealth Bank (CBA) has sold a small stake in Swedish buy-now-pay-later fintech Klarna, worth around $100 million, as it lists in the US at more than 2x the price CBA paid for it 5 years ago. Klarna listed at US$40, higher than the expected $35-37 price, on the New York Stock Exchange (NYSE) overnight,… Read more »
Commonwealth Bank-backed fintech Klarna’s Australian foray is starting to look like a disaster for the Swedish buy now pay later startup. Banking Day reports that just two years after its launch, an EY audit of Klarna Australia’s CY2021 performance reveals a net loss of $56 million, with revenue falling 71% on its first year of… Read more »
Buy-now-pay-later (BNPL) fintechs have built their brands over the last several years selling the convenience of “budgeting” your expenses. You can have your cake now, eat it too, then pay it off over 4 interest-free payments. But there’s been growing concerns about the sector, with nearly two-thirds of Australian financial counsellors supporting clients struggling with… Read more »
Australian investors bought the rumour today, with shares in buy-now-pay-later company Zip jumping 13.7% on media reports that Klarna, the 1000lb Swedish gorilla in the BNPL space, had taken a holding in the Aussie fintech. Zip (ASX:Z1P) shares closed Thursday trade at $8.78, having startup the day at $7.70, giving the company a market capitalisation… Read more »
Commonwealth Bank-backed Swedish bank and payments fintech Klarna has raised US$1 billion (A$1.3bn) in a fresh equity round from new and existing investors that gives values the business at an astonishing US$31 billion (A$40bn). That new valuation is a 200% jump on just six months ago, and a rise of nearly 500% on the US$5.5bn… Read more »
Swedish buy now pay later (BNPL) fintech Klarna is now Europe’s most valuable fintech – the 4th most valuable globally – following a US$650 million equity raise that values the business at US$10.65 billion (AU$14.54bn). The latest valuation nearly doubles the US$5.5 billion valuation following a US$460 million raise in August 2019. The round was… Read more »
1. Airbnb’s IPO may call in sick 007 is not the only one (see below) laid low by coronavirus. Airbnb’s much-anticipated IPO, previously announced for 2020, may be delayed until 2021, Bloomberg reports. Like many in the travel and tourism sector, Airbnb’s been hit hard by the sudden contraction brought on by travel bans and… Read more »
The Commonwealth Bank has taken the fight to buy-now-pay-later (BNPL) fintechs such as Afterpay and Zip, bringing Swedish rival Klarna to Australia. Klarna Australia launched today and is available through the CBA’s app for online shopping. The BNPL is also available to non-CBA consumers via the Klarna app. CBA announced last year that it was… Read more »
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