Swedish Fintech Big Klarna to Embrace Crypto, CEO Confirms
After years of resistance, Klarna Financial institution AB, considered one of Europe’s largest purchase now, pay later (BNPL) companies, is lastly leaping into crypto. CEO Sebastian Siemiatkowski made the shock announcement on X, writing:
“I quit. Klarna and me will embrace crypto! Extra to return.”
This transfer marks a historic shift for Klarna, which has lengthy held out whereas rivals like Revolut, Robinhood, and Venmo built-in crypto choices. However what precisely does Klarna’s crypto embrace imply?
Valued at $14.8 billion, Klarna serves over 85 million customers throughout Europe.Processes greater than $100 billion in transactions yearly.Sequoia Capital, a serious investor in Avalanche, Fireblocks, and EDX Markets, holds a 22% stake in Klarna.
Siemiatkowski revealed that three crypto entrepreneurs launched him to the house by means of an funding analyst at Sequoia, pushing him to rethink his stance.
Though Klarna hasn’t detailed its actual crypto technique, some prospects embrace:
✅ Crypto funds: Permitting customers to pay with Bitcoin, Ethereum, or stablecoins.✅ Crypto rewards: Providing cashback in crypto for Klarna purchases.✅ On-ramp companies: Letting customers purchase, promote, and maintain cryptocurrencies inside the Klarna app.
Nonetheless, when a consumer advised a “purchase crypto, pay later” choice, Siemiatkowski shortly shut it down, replying, “most likely not.”
Siemiatkowski jokingly known as Klarna the “final massive fintech on the earth to embrace crypto.” Whereas many rivals, like Revolut and PayPal, have lengthy supported crypto, Klarna’s huge European presence might make this one of the vital fintech crypto integrations but.
Nonetheless, the CEO warned that it could take time to finalize Klarna’s crypto plans.
With Klarna’s entry into the crypto house, will different main BNPL companies like Afterpay or Affirm observe? May Klarna’s transfer push European regulators to take a stronger stance on crypto funds?
Solely time will inform, however one factor is obvious: crypto is not an choice — it’s a necessity for fintech.
