Snoop Dogg-backed company Klarna is hoping to take on Paypal after becoming the most valuable fintech in Europe
Stockholm-based Klarna has just secured a new round of financing amounting to $460 million.
That takes the total value of the payment service provider to $5.5 billion, surpassing digital banking platform N26 to become biggest fintech firm in Europe. The company previously backed by Snoop Dogg now has its eyes set on America, and hope to take on their main competitor PayPal.Anyone who has ever made an online purchase at Saturn, IKEA or H&M will probably be familiar with the bold pink company logo of the Swedish payment service provider Klarna. Next to other payment systems like PayPal and credit cards such as Visa and Mastercard, Klarna has firmly established itself in the European e-commerce landscape since its founding in 2005.
Now the fintech from Stockholm has made its next big move: on Tuesday Klarna announced a new round of financing amounting to $460 million, which, according to its own statement, increases the company's valuation to a whopping $5.5 billion. The financing round was led by Dragoneer Investment Group, a San Francisco-based investment firm.
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Snoop Dogg-backed firm Klarna becomes Europe's biggest fintech start-up valued at $5.5 billionSwedish online payments firm Klarna announced Tuesday that it has reached a $5.5 billion valuation, making it Europe's largest private fintech company.
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Snoop Dogg-backed firm Klarna becomes Europe's biggest fintech start-up valued at $5.5 billionSwedish online payments firm Klarna announced Tuesday that it has reached a $5.5 billion valuation, making it Europe's largest private fintech company.
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Klarna Becomes Europe's Most Valuable Fintech Firm With New $5.5 Billion ValuationSwedish payments startup Klarna has raised $460 million from investors who valued the company $2 billion higher than TransferWise and N26.
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