Klarna Bank AB to Embrace Cryptocurrency
Klarna Bank AB, the renowned Swedish fintech giant that has gained significant traction in Europe, is set to integrate cryptocurrencies into its platform. This announcement was made by the company’s chief executive officer, Sebastian Siemiatkowski, in a recent post on the social media platform X over the weekend.
In his post, Siemiatkowski conveyed his excitement, stating, “I give up. Klarna and me will embrace crypto! More to come,” to his 33,000 followers on the app.
Klarna is primarily recognized as a popular “buy now, pay later” (BNPL) application, predominantly utilized across Europe. The platform boasts an impressive valuation of $14.8 billion, according to Investopedia, and has amassed over 85 million users with a staggering $100 billion in transaction volume, as highlighted by Siemiatkowski.
Founded in 2005, Klarna has received substantial backing from Sequoia Capital, a well-known venture capital firm that has been instrumental in funding numerous fintech and cryptocurrency-related companies since 2010. Siemiatkowski mentioned that his interest in the cryptocurrency space was piqued after being introduced to three visionary entrepreneurs by an investment analyst at Sequoia.
Sequoia Capital, which holds a significant 22% stake in Klarna, is also an investor in various other prominent names in the industry, including Avalanche, Fireblocks, Stripe, and the cryptocurrency exchange EDX Markets.
As the cryptocurrency landscape evolves, many fintech companies have already integrated crypto features into their services. Notable examples include Robinhood, Venmo, and Revolut, which have long enabled users to buy, sell, and hold a selection of cryptocurrencies within their applications.
Siemiatkowski reflected on this development, stating, “It still feels historic. Last large fintech in the world to embrace it. Someone had to be last.” However, he did not elaborate on the specific mechanisms through which Klarna plans to incorporate cryptocurrencies into its business model.
One user suggested a “buy crypto, pay later” feature, to which Siemiatkowski humorously responded, “probably not.” Earlier today, he indicated that while the company is exploring various options, it may take some time before a concrete plan is established.
