STOCKHOLM (Reuters) – Losses for Swedish funds agency Klarna deepened within the 12 months to the top of September, whereas transactions utilizing its platform jumped within the remaining three months of the interval, outcomes printed on Friday confirmed.
Working losses at Klarna, a “purchase now, pay later” firm, widened to three.13 billion crowns ($344.1 million) within the January-September interval, from 801 million crowns a 12 months in the past.
Internet credit score losses rose by over 80% to 2.9 billion crowns, Klarna, which rivals Affirm and Afterpay, stated.
Within the third quarter, the agency’s gross merchandise quantity (GMV) – the worth of transactions made utilizing its fee platform – grew to over $57 billion within the third quarter from $35 billion.
“The US continues to be Klarna’s quickest rising market with over 300% GMV progress YTD pushed by 21m+ shoppers,” the agency, which is predicted to make its inventory market debut within the coming months, stated in an announcement.
The agency’s buyers embody SoftBank, Sequoia Capital, NorthZone, Silver Lake, rapper Snoop Dogg, BlackRock and Singapore’s sovereign wealth fund GIC.
($1 = 9.0963 Swedish crowns)
(Reporting by Helena Soderpalm; Modifying by Simon Johnson)
