FinTech: Klarna Clocks Solid Growth In Europe In Q2

August 23, 2023 | FinTech, News

“While other, smaller players dial back their commitment or leave the region  altogether, we’re doubling down, further strengthening our position in Europe, as well as the US,” said Sebastian Siemiatkowski, CEO, Klarna.

Klarna, the AI-powered global payments network and shopping assistant, has experienced strong growth in Europe, with a 14% year-over-year increase in Gross Merchandise Volume (GMV) in Q2. This growth surpasses the 1% growth rate in e-commerce during the same period.

Since 2020, Klarna has expanded into 11 European markets, including recent launches in Romania and the Czech Republic. The company boasts 100 million European consumers and partnerships with over 470,000 merchants. Despite economic challenges causing smaller Buy Now Pay Later (BNPL) providers to exit the market, the fintech remains committed to investing and building customer relationships.

A survey by the company shows that 74% of European customers use Klarna at least once a month, primarily due to trust and ease of payment. The company’s Pay Now option, alongside its Buy Now Pay Later products, has been introduced across European markets, enabling immediate full payment or interest-free payment over time.

Klarna also utilizes AI to shift shopping from search-based to recommendation-based, enhancing user experiences. It collaborates with OpenAI to provide product recommendations via ChatGPT.

Retailers are adopting its marketing solutions, tapping into its broad consumer network through the app and CRM campaigns, resulting in over 280 million customer clicks to merchants this year. Klarna supports retailers with growth tools such as its creator platform, connecting influencers with brands to optimize campaigns. Its innovations are transforming the omnichannel e-commerce experience for merchants.

Related Story:  Klarna’s All-In Efforts To Achieve Profitability Getting Traction

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