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Tag: Klarna

November 9, 2023

Strange: Swedish FinTech Giant Klarna Expanded Into The Illegal Online Casinos Segment!

Swedish buy-now-pay-later (BNPL) pioneer Klarna recently announced its first profitable quarter with an impressive increase in transactions. Apparently, a significant part of the processed payment volume comes from the gaming industry. Through Sofort.com, the Klarna Group is a payment processor for many illegally operating online casinos and gambling providers, according to the results of our research.

Fintech

November 9, 2023

Returning To Profitability, Klarna Prepares For IPO!

In a strategic move gearing up for its future public listing, Swedish fintech giant Klarna has initiated a significant corporate reshuffle, confirming preparations for an impending IPO. The firm announced the formation of a holding company in the United Kingdom, marking a pivotal step in this direction, a decision supported by a profitable third quarter that witnessed a 30% revenue increase to approximately $550 million.

November 7, 2023

Klarna Swings To Profit In Q3, Foresees Holiday Growth And Expands Eco-Conscious Initiatives

Klarna reverses fortune with profits and strategic partnerships. Swedish payment innovator Klarna has delivered a robust financial turnaround, reporting an operational profit in Q3, a sharp pivot from its previous loss-making trend. With a recorded operating profit of SEK 130 million in Q3 2023, a significant leap from a SEK 2 billion loss in the same quarter of the previous year, the company is gearing up for further investments in the bustling final quarter.

Fintech

May 29, 2023

Klarna Reduced Its Loss By 50% in Q1 2023 And Expects Profitability

Swedish fintech Klarna, known for its buy now, pay later services (BNPL), has reduced its net loss by 50% in Q1 2023, substantially improving its financial performance following significant cost-cutting efforts. The company reported a net loss of 1.3 billion Swedish krona ($120.7 million), down from the 2.6 billion krona loss in the same period the previous year. Klarna's total net operating income increased by 22% year-over-year, reaching 5 billion Swedish krona.

March 1, 2023

Interesting: Klarna CEO Received Pay Increase Despite Record Loss And Staff Cuts!

Swedish Klarna has posted an eye-watering annual loss for 2022. The annual losses exploded to SEK10.4 billion ($1 billion), up from SEK7.1 billion ($680 million) in 2021. However but the Swedish buy now, pay later company raised its CEO’s pay by more than a third. Net losses narrowed in the fourth quarter to SKr1.9 billion from SKr4.6 billion a year earlier. Credit losses were SKr1.4 billion in the three months, an improvement of 18% in the same period in 2021.

February 15, 2023

UK Plans To Regulate “Quicksand Sector” Buy-Now-Pay-Later!

The UK plans to regulate Buy-Now-Pay-Later (BNPL) sector, saying it poses potential harm to consumers without thorough affordability checks. Providers such as Klarna, Clearpay, and PayPal will be required to give consumers key information about their loans and issue affordable credit. At the same time, users will have the right to take complaints to the Financial Ombudsman Service. The sector nearly quadrupled during the pandemic in 2020 to 2.7 billion pounds ($3.28 billion).

October 26, 2022

Looking Into MGA-Regulated Shark77 And Some Money-Laundering Considerations!

FinTelegram has looked at both investment and trading providers and facilitating payment processors over the past few years. The latter are the most important element for the operation of B2C services. Customers need to be able to deposit and withdraw. Very often we have found violations of regulatory requirements and AML/CFT specifications. Going forward, we also want to take a look at gambling schemes from a payment perspective, starting with MGA-regulated Shark77 Limited.

September 23, 2022

Klarna’s Worsening Burn Rate Forces Additional Lay-Offs!

The Swedish buy-now-pay-later fintech Klarna is planning a second round of layoffs, four months after it cut 10% of its global workforce, Sifted reports. In a live video message sent to employees, the company’s Chief Operating and Expansion Officer, Camilla Giesecke (LinkedIn), announced that the organization needed to make further cuts “to reflect the more focused nature of today’s Klarna.” Klarna confirmed the new round of job cuts to Sifted and said fewer than 100 employees would be affected globally.

July 3, 2022

Post-Easy-Money Era: Crypto Winter, FinTech Ice Age, And The Collapsed Klarna Valuation!

In recent months, we have entered the "Post-Easy Money Era" with skyrocketing inflation rates and the resulting interest rate hikes. The Easy & Cheap Money policy, most recently driven by the Covid-19 pandemic, led to a macroeconomic valuation bubble across most asset classes that has now burst. Take the Swedish FinTech unicorn Klarna. Within one year, the valuation of $45.6 billion has collapsed by more than 80% to only $6.5 billion, at which the hopes to get $650 million from investors.

May 27, 2022

While The FinTech Sector Goes South, High-Risk Payment Processors Are Still Bullish!

If we were to look back in a year or two, we might find that the last week of May 2022 manifested the trend toward the entire tech sector's crisis, especially in the FinTech sector, which saw a C19 Pandemic-boosted hype before that. FinTech unicorns like Klarna or Bolt announced massive layoffs. Online payment pioneer PayPal as well. In contrast, the high-risk payment segment still seems to be booming. Alex Leigh, the co-founder of Total Processing, has made a job offer to the terminated Klarna people via a LinkedIn post.

FinTech Crisis

May 27, 2022

Bolt Financial Switches Into Crisis Mode And Fires 250 Employees!

Earlier this week, Swedish FinTech unicorn Klarna announced an austerity program and the layoff of 10% of its workforce. San Francisco-based Bolt Financial had to follow this path and lay off around a third of its workforce, or around 250 employees, to reach profitability with the money available. The Bolt layoffs came just months after investors valued FinTech at $11 billion. PayPal and other FinTechs also announced layoffs and hiring freezes. Evidently, the FinTech sector switches into crisis mode.

Fintech

May 24, 2022

FinTech Correction Or Economic Doom? Klarna’s Troubles And Mass Lay-Offs!

In 2021, the Swedish fintech Klarna was valued at around $46 billion making it the highest valued European FinTech. The buy-now-pay-later FinTech with more than 6,500 employees saw huge losses in 2021 and is confronted with reluctant investors, the Wall Street Journal reports. Sebastian Siemiatkowski, Klarna’s CEO and co-founder, announced a strict austerity program and the mass lay-off of 700 employees. The signs of a correction and crisis have been seen for weeks with falling prices of stocks and cryptos. We may be facing a valley of tears.