Klarna customer’s spending jumped by nearly a third to $35bn in 2019

By Aisling Finn on Wednesday 26 February 2020

Alternative Lending

The Swedish fintech has been a fully licensed bank since 2017 and now has over 200,000 active merchants across 17 markets.

Klarna customer’s spending jumped by nearly a third to $35bn in 2019
Image source: Klarna

Similar to its fintech counterparts, Klarna has seen continued and persistent growth throughout 2019 - the Swedish buy-now-pay-later platform, now has 85m customers globally who had a gross merchandise volume of $35bn in 2019.

By AltFi’s calculations that equated to roughly $411 being spent per customer in 2019, although that number doesn’t account for returns.

However, the business slumped to a loss of nearly 1.1bn SEK, or roughly $112m, the first time the company has reported a loss in its 15-year history.

The Swedish fintech now has 85m customers globally, with the number of customers in the US and UK, Klarna’s main growth markets, growing by 6x and 2x respectively.

Similarly, there are now nearly 11m monthly active app users, equal to customers downloading an average of 37,000 apps every day.

Since its launch in 2015 Klarna has continued to grow its offering, it now has over 200,000 active merchants across 17 global markets- the equivalent of adding one new merchant every seven minutes. 

Despite the platform being used overwhelmingly with online retailers, Klarna is also now active in 10,000 physical shops across the globe.

Following a $460m equity funding round in 2019, the European fintech is now valued at $5.5bn making it one of the highest valued fintechs in the world. 

Sebastian Siemiatkowski, CEO and co-founder of Klarna, said: “We don’t view the market opportunity or our own trajectory as being confined to this disruption of the credit card industry, our ambition transcends payment transactions to serving millions of consumers across retail shopping and banking.”

“We are as sharply focused as ever on continually establishing a platform to drive future long term growth and value for our shareholders and the acceleration is already tangible in the momentum we have built.” 

Klarna also recently announced the launch of its services in Australia and subsequently saw Australia’s largest bank, the Commonwealth Bank of Australia, investing a A$300m stake in the company.

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