Klarna continues their acquisition streak this week with their intention to acquire PriceRunner for a reported $124 million. Once closed, this deal will mark Klarna’s sixth acquisition of 2021 to date as they continue to seek rapid growth through external means. Upon closing, Klarna will pay approximately 40% of the purchase price in cash and the remaining in shares of their common stock. With this acquisition, Klarna aims to further enhance their mobile app through the addition of product reviews, pricing comparisons, and other features. In addition to this acquisition, Klarna also launched a new feature for their mobile app, which allows users to pay in monthly installments for purchases at online retailers regardless of whether the retailer is partnered with Klarna or not. This new feature, accompanied with their deal to acquire PriceRunner, allows Klarna to continue their rapid expansion into new markets and become easier accessible to more end-users.
In other M&A news, Cross River Bank announced their intention to acquire Betterfin, a financial platform offering a suite of solutions including capital market data and lending and cash flow management for the SMB market. Ultimately, this acquisition will fully digitalize Cross River’s loan application process for their SMB customers.