Klarna, the Swedish fintech giant, is divesting its online checkout business for approximately €485 million. This strategic sale aims to eliminate conflicts of interest with key partners such as Adyen and Stripe. The consortium acquiring Klarna Checkout is led by BLQ Invest CEO Kamjar Hajabdolahi, with the transition set for October.
Launched in 2012, Klarna Checkout has been instrumental in enabling merchants to offer Klarna’s Buy Now, Pay Later (BNPL) options. The service boasts a significant market share in the Nordics, with 20% overall and 40% in Sweden alone. Despite its success, Klarna’s shift towards partnering with major payment service providers (PSPs) like Stripe and competing with giants such as Apple Pay and PayPal necessitated this move.
According to internal documents accessed by Bloomberg, Klarna stated: “Klarna is looking to divest the Klarna Checkout to remove the friction and completely focus on working with its distribution channels. Thus, creating a simple relationship to all partners without the PSP vs Checkout conflict.”
Sebastian Siemiatkowski, CEO of Klarna, expressed mixed emotions about the sale: “Klarna Checkout is very dear to me, and the impact it’s had on Klarna’s journey is immense. I’m so pleased it’s finding a new home, with owners who are carefully handpicked to continue to create outstanding value for our merchant partners.”
This strategic divestiture allows Klarna to streamline its operations and strengthen its collaborations with PSPs, ensuring a seamless and conflict-free ecosystem for its BNPL services.
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