FinTech: Klarna’s Pedal-To-The-Metal In The U.S.

November 20, 2020 | FinTech, News
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Klarna clocks a record 11 million customers in the U.S.; expands in-store payments to over 60,000 U.S. stores.

Klarna, the fourth-largest private fintech in the world, announced Thursday that it had amassed a record 11 million customers in the US, a surge of 106% year-on-year. It also said its newest one million customers were added in just three weeks. (CISION PRNewswire)

Klarna’s app: Solid growth metrics

Klarna said its shopping app had more than two million monthly active users in the US currently. The app had the distinction of being at the number one spot among the most downloaded shopping apps in the US App Store during September.

The app is currently averaging 50,000 new daily downloads, 3X compared to the nearest direct competitors, the fintech said.

In terms of BNPL, the firm’s app accounted for 64% of all such app downloads in the US in September.

“This accelerated adoption of our app and interest-free pay later options reflects the evolving needs of today’s consumer,” said David Sykes, Head of US at Klarna.

In-store payment services in more than 60,000 stores

Simultaneously, Klarna announced that its in-store payment services have expanded to more than 60,000 stores across the nation.

Shoppers at even more physical stores now have the option to use Klarna’s highly popular by-now-pay-later (BNPL) offering. They can pay for their purchases over four, interest-free payments during the holiday shopping season.

It’s very simple to use Klarna’s payment service at its participating physical stores. Customers can use the app to set up a one-time virtual card that is linked to their preferred digital wallet. They can then use the mobile to make contactless payments.

In Klarna’s expanded rollout, its in-store payment services are now available for top retail brands such as H&M, O.N.S. Clothing, The North Face and Timberland.

Klarna said: “Launched in January 2020 with leading brands like MCM, Journeys, rue21, and Sephora, the in-store solution has grown increasingly popular among shoppers and merchants alike. It’s clear that customers enjoy the ability to spread purchases across four, interest-free payments whether they’re shopping online or at a physical store. Retail brands benefit from the ease and convenience of accepting Klarna payments without technical integration.”

Related Story:  Now Use PayPal And Venmo QR Codes For Contactless Payments At 8,200 CVS Pharmacy Stores    

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