Swedish Fintech Large 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 significant 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 an funding analyst at Sequoia, pushing him to rethink his stance.
Though Klarna hasn’t detailed its precise crypto technique, some prospects embody:
✅ Crypto funds: Permitting customers to pay with Bitcoin, Ethereum, or stablecoins.
✅ Crypto rewards: Providing cashback in crypto for Klarna purchases.
✅ On-ramp providers: Letting customers purchase, promote, and maintain cryptocurrencies inside the Klarna app.
Nonetheless, when a person steered a “purchase crypto, pay later” choice, Siemiatkowski shortly shut it down, replying, “in all probability 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 may make this probably the most important 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 evident: crypto is not an choice — it’s a necessity for fintech.