Klarna, the leading online payment solutions provider, has announced the sale of its renowned Klarna Checkout business to a consortium of investors for approximately €485 million. This strategic move aims to eliminate any conflict of interest that may arise with key partners like Adyen and Stripe, allowing Klarna to fully concentrate on collaborating with its distribution channels.
New Ownership for Klarna Checkout
The consortium, spearheaded by BLQ Invest CEO Kamjar Hajabdolahi, is set to officially take over the operations of Klarna Checkout starting this October. Launched back in 2012, Klarna Checkout has been pivotal in enabling merchants to offer convenient Buy Now Pay Later (BNPL) payment options. Notably, the business has achieved significant success in the Nordics, commanding a 20% market share that surges to 40% in Sweden.
Shifting Focus to Payment Service Providers
While Klarna Checkout has enjoyed substantial growth and popularity, Klarna has increasingly shifted its focus to collaborating with payment service providers like Stripe to expand its reach and competitiveness in the market. By aligning with these partners, Klarna aims to enhance its presence and compete effectively with industry giants such as Apple Pay and PayPal within their respective ecosystems.
According to insiders familiar with the matter, Klarna's decision to divest its Checkout business stems from the company's strategic vision of streamlining operations and fostering stronger relationships with its distribution channels. By eliminating the PSP versus Checkout conflict, Klarna seeks to establish seamless and productive partnerships with all stakeholders.
Words from Klarna's CEO
Sebastian Siemiatkowski, the CEO of Klarna, expressed his sentiments regarding the transaction, stating, "Klarna Checkout holds immense significance to me, and its contributions to Klarna's success have been invaluable. I am delighted that it will now be under the stewardship of carefully selected owners who will continue to deliver exceptional value to our merchant partners." This strategic decision reflects Klarna's commitment to enhancing its operational efficiency and strategic focus in the evolving payment landscape.