Klarna launches in Australia after multi-million dollar investment from CBA
Feb 4, 2020
Klarna, one of the companies behind the development of buy now, pay later, is expanding its reach with the launch of operations in Australia.
It comes after the Swedish fintech company received a $200 million investment from The Commonwealth Bank of Australia (CBA) to launch its services in Australia and New Zealand.
The partnership will put Klarna in front of CBA’s 15.9 million customers, and CBA app users will be able to easily connect their bank account to a Klarna account.
This is a major achievement for the most valuable fintech firm in Europe, which has partnered with over 205,000 merchants in North America, the UK and Europe including H&M, Michael Kors, Adidas, Asos and Boohoo.
The Klarna app, which has been downloaded over 12 million times, will allow Australian consumers to 'Pay in 4', which means four equal instalments at any online retailer with no interest or fees. Consumers can also browse brands, create wishlists, receive price drop notifications, and have access to exclusive deals and discounts from local Australian retailers.
“Australian consumers’ expectations are evolving, they demand seamless, intuitive and transparent online shopping services that better meet their daily need,” said Klarna CEO Sebastian Siemiatkowski.
“This partnership with CBA is rooted in a shared obsession on how good digital experiences can truly serve consumers today. We believe the future of retail is high tech powering high touch experiences, so regardless of how and when consumers want to shop and pay, we need to be there for them.”
The Australia launch expands Klarna’s global presence to 17 countries. The company says more than 85 million consumers use its services to buy online and in-store.
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