Swedish fintech company Klarna has raised $1 billion at a $31 billion valuation, cementing its position as the most valuable VC-backed company in Europe, according to PitchBook data.
- The new price tag is nearly triple the $10.65 billion valuation Karna received in September after raising $650 million. The latest round drew both new and existing investors, but Klarna didn’t name names. Previous backers include Sequoia, Silver Lake, Dragoneer and Macy’s.
- Last year, Klarna’s revenue grew 40% year-over-year to $1 billion. It has 90 million customers and expects the US to be its largest market by the end of 2021, Bloomberg reported.
- Stockholm-based Klarna is known for its buy-now, pay-later service and operates a shopping app that collects deals from various retailers. Affirm, another payment-installments company, went public in January and currently commands a market capitalization of nearly $24 billion.
- Klarna pledged to donate 1% of the funding to a sustainability initiative that will launch in April.