Swedish online payments firm Klarna reported a ballooning net loss in the first half of 2020, as the company invested in an international expansion drive and set aside reserves to deal with credit lossesamid the coronavirus pandemic.
The Stockholm-based company’s interim first-half report showed a net loss of 522 million Swedish krona ($59.8 million) between January and June, a sevenfold increase from the net loss of 73 million krona it posted in the same period last year.
Klarna, backed by investors including Snoop Dogg and Jack Ma’s Ant Group, is one of Europe’s most valuable privately-held technology companies, with a so-called “unicorn” valuation of $5.5 billion. It’s tied with British banking app Revolut and payments software maker Checkout.com as the region’s top fintech unicorn.
Did you know?
- 40% of consumers who regularly used installment payments before the pandemic have stated they have since increased their usage
- 32% of all respondents wish more stores offered installment payments
TSG conducted a survey of 483 consumers in the U.S., with the goal of understanding the impact COVID-19 has had on the way the U.S. consumer pays for goods and services. The survey was conducted on April 20th, 2020.
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