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Klarna lets users buy now and pay later. It's now worth over $10 billion

September 15, 2020. Summarized by summa-bot.

Klarna, the "buy now, pay later" payment service loved by Europeans, has been valued at $10.65 billion in an investment round led by US private equity firm Silver Lake.

London (CNN Business)Klarna, the "buy now, pay later" payment service loved by Europeans, has been valued at $10. 65 billion in an investment round led by US private equity firm Silver Lake.

Klarna said it will use the funds to invest further into the business and grow its global presence, especially in the United States, where more than 9 million consumers have used its services.

In the United States, Klarna competes with rivals including Affirm and Afterpay, which is branded Clearpay in Europe.

The Klarna app has more than 12 million monthly active users worldwide, with 55,000 daily downloads, according to the company.

"Klarna is one of the most disruptive and promising fintech companies in the world, redefining the e-commerce experience for millions of consumers and global retailers, just as e-commerce growth is accelerating worldwide and rapidly shifting to mobile," Silver Lake's co-CEO Egon Durban said in a statement.

Silver Lake is also invested in Airbnb and Jack Ma's Alibaba Group (BABA), and earlier this month made its second billion dollar investment into India's Reliance Industries, after backing subsidiary Jio Platforms earlier this year.

Current investors in Klarna include Sequoia Capital, Commonwealth Bank of Australia (CBAUF) and Ant Group, the financial affiliate of Alibaba.

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