Klarna publishes financial update for January - March 2020
May 29, 2020 – Today, Klarna Bank AB (publ) (“Klarna”) publishes its financial update for January 1 – March 31, 2020. The full report is available at www.klarna.com.
Selected highlights from the period:
- The steadily increasing demand for Klarna’s offering drives continued growth in total underlying sales and total net operating income, 37% and 31% YoY respectively. Total underlying sales amounted to almost SEK 97bn (USD 9.9bn*) during the period.
- Commission income driven by merchant revenues grew by 37%, and is the fastest growing revenue stream continuing to increase as share of total revenues. During the quarter, Klarna has increasingly diversified revenue streams with new non-credit and affiliate services.
- Consumers across markets continue to choose Klarna as our offering provides a healthier, simpler and smarter alternative to credit cards. During the period more than six million new consumers used our services globally.
- We have seen a surge of global brands now live with Klarna across markets. By the end of March almost 15,000 new merchants had been added to the global base of more than 200,000 merchants.
- New and existing retailers include: Sephora, The North Face, Disney+, Shein, ROMWE, Timberland, Modcloth, Ego Shoes, Groupe Dynamite, Shoe Carnival, WWE, TOMS, Boohoo Group, Hibbett Sports, Lulus, Charlotte Tilbury, JD Group outdoor brands (Blacks, Millets, Go Outdoors), Sweaty Betty, Ebuyer, Levi’s, Mamas & Papas, Snow + Rock, as well as the go live of H&M in the US.
- In the US, the popularity of the Klarna offering is growing rapidly and the number of consumers amount to 7.5 million by the end of March. During the period Klarna’s app saw almost 300,000 more downloads than the direct competitors in the US.
For further information, please contact:
Aoife Houlihan, VP of Communications
+46 (0) 72855 8047
We make shopping smoooth. With Klarna, consumers can buy now and pay later, so they can get what they need today. Klarna’s offering to consumers and retailers includes payments, social shopping and personal finances. Over 200,000 merchants, including H&M, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, Nike and AliExpress, have enabled Klarna’s innovative shopping experience online and in-store. Klarna is the most highly valued fintech in Europe, with a valuation of $5.5 billion, and one of the largest private fintechs globally. Klarna was founded in 2005, has over 3,000 employees and is active in 17 countries. For more information, visit klarna.com.
* Klarna’s results are reported in SEK. To arrive at USD values, the average exchange rates YTD have been used; 1 USD equals approximately 9.7 SEK for the first three months 2020.
This information is information that Klarna Bank AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on May 29, 2020.