'Klarna is very user-oriented and does some things better than Paypal.'
It's another jump in competitiveness in the payments space, and Klarna believes it has an edge over its rivals because its access to customer data at a much more fundamental level. Most payments services will note the amount spent and the name of the merchant, but Klarna can show users receipts — with images of exactly what they spent money on —and aggregates that data to help them make better financial decisions.
Its latest funding round puts it in direct competition with the American payment service provider PayPal, who earlier this year reported a fall in earnings after its services were phased out by Ebay. The company could also bring in additional revenue by selling to retailers the bevy of data it collects, such as purchase behavior, trends, and customer interests.
While Paypal battles payments services such as Stripe, Klarna has teamed up with Stripe on its product offering, making integrations even easier for merchants and retailers. Siemiatkowski claims that Klarna's broad product offering actually makes it more akin to a Chinese super app such as Ant Financial's WeChat.
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