FinTech: Klarna Acquires PriceRunner To Boost Shoppers’ Searches
Reportedly, Klarna paid €930m (US$1.07 billion) for the shopping comparison site.
Klarna, the BNPL that is valued as a quadradecacorn, announced today its acquisition of price comparison site PriceRunner to enhance the Klarna app via new features including product reviews, rich product discovery and price comparisons. (CISION PR Newswire)
While shoppers would benefit from the added shopping functionalities, Klarna’s retail partners will get better visibility, higher website traffic and marketing advantages. Klarna will get the opportunity to offer banking and shopping to PriceRunner’s 18 million monthly users.
PriceRunner: Shopping search strategy
Klarna’s home-grown shopping comparison feature launched this year was not well-received. Apparently shoppers were not impressed with its search results.
Klarna may also be having loftier ambitions. According to one view, Klarna may be looking to become the Google for shopping.
“The acquisition will serve to strengthen our bank, card and payment services and support a competitive global landscape,” said David Fock, Klarna’s Chief Product Officer. “It also further cements that Klarna will not be a marketplace but a viable and competitive alternative for retail partners vs Amazon, Google and Facebook.”
During the 12-month period ending on Sep 30, 2021, PriceRunner clocked revenues of SEK 460M (approximately $54 million) and an adjusted EBITDA margin of 52 per cent.
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