Irish consumers will join 90 million global users of Klarna in being able to split purchases into three instalments with no interest or fees
'Buy now, pay later' and payments platform Klarna has landed in Ireland.
The company, which says it has 90 million users globally, will now allow Irish consumers to shop online and split t purchases into three interest-free equal payments through both the Klarna app and directly via integrated partner retailers from today.
Klarna, which was founded in 2005, has over 4,000 employees and is active in 17 markets. It's latest valuation of $45.6bn made it Europe's big most highly valued private fintechs, as well as one of the biggest globally.
It has been backed by Sequoia Capital since 2010 and more recently, SilverLake, Dragoneer, Bestseller Group, Permira, Ant Group, HMI Capital, TCV, NorthZone, Commonwealth Bank of Australia, Merian Chrysalis and funds and accounts managed by BlackRock.
Domestic Irish and international retail names that have signed deals with Klarna include including Gym + Coffee, Perspective, Yummie, Cult Beauty, Greene’s Shoes, Luna by Lisa and Yours Clothing
Sebastian Siemiatkowski, Klarna’s Co-founder and CEO said: “Ireland is a really exciting market for us, as people turn away from credit cards. As the older-style financial institutions exit the market we’re here to create more competition, which is in the best interest of the consumer.
“Traditional high-cost models like credit cards are built on charging interest and late fees to the rest. That’s why we offer flexible, transparent and fair payment options without charging interest or fees.”
Colin Creagh, Head of Business Development at Klarna will be pursuing a strategy of signing up more Irish retailer partners.
It currently covers 17 markets across Europe, Asia and North America and can accept payments from almost every country in the world. It says eligibility assessments will be “robust”.
Over 250,000 global retail partners, including H&M, Saks, Sephora, Macys, IKEA, Expedia Group, Samsung, ASOS, Peloton, Ralph Lauren, Abercrombie & Fitch, Nike and Shein.