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March 4, 2020Blog Posts

Alipay owner Ant Financial takes minority stake in Klarna

TechCrunch

Some big moves in the payments platform space: Ant Financial  Group, the owner of China’s Alipay payment platform, has announced it’s taking a minority stake in Swedish payments platform Klarna. Klarna has a strong European presence and a flagship product that lets shoppers buy now and pay later in interest-free installments (typically 14 or 30 days after the purchase).

The pair have not disclosed terms of the deal but Reuters reported the stake amounts to less than 1% and was made up of existing and new shares. It also cites its source telling it the stake was done at a “slight uptick” to Klarna’s $460 million funding round last August, which valued the company at $5.5BN.

Prior to this news, Klarna and Alipay had already been collaborating via Alibaba’s global ecommerce marketplace, AliExpress  — which offers Klarna’s “Pay later” option in multiple markets.

Now the pair touted their deepening partnership as set to bring more “innovative and convenient” financial services to consumers worldwide.

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