Klarna prospers as retail 'undergoes a radical consumer driven shift'

PayTech venture Klarna secured over 60,000 new merchants globally during 2019, an increase of 140% compared to the full year of 2018.

New retail partners so far this year have included the likes of River Island, Boohoo, Expedia, Abercrombie & Fitch and Swarovski. Over 190,000 merchants now work with the buy now, pay later specialist. It has also added 16 million new consumers globally. In the UK, six million consumers have used Klarna’s services and almost 55,000 new ones are being added weekly.

“Retail is undergoing a radical shift driven by consumers who are expecting more transparency, flexibility as well as intuitive services centred around their needs when shopping,” says Sebastian Siemiatkowski, Founder and CEO at Klarna.

“Klarna now has over 190,000 merchant partners globally who are understanding that in order to be competitive and build loyalty, they need to think of the end to end shopping experience for the consumer rather than just a transaction. Klarna’s trajectory is a result of a relentless focus that the future of retail consists of a high touch experience which will not only drive engagement and reach, but also build customer preference.”