On the heel of them Ipo filingFintech giant Klarna announced this Monday exclusively provide Buy now, pay off loans later for Walmart. Walmart's cooperation is one of the rivals that prove previous.
Klarna will provide loans to Walmart customers through OnePay, a fintech startup where it owns a majority stake and also supports the Ribbit Capital. Klarna will take the loans “later this year,” she said in a statement.
San Francisco's stock based in San Francisco took a hit In the news, down 8% of the early afternoon on Monday, who traded more than $ 46.
The two companies have been rivals for years although affirm is more focused on the United States. This Went public in 2021 And recently announced that it has achieved $ 80 million In Gaap net. Klarna, after suffering A massive blow to its appreciation.
Last September the CEO and co-founder Max Levchin said Paymentsdive That he wanted to make his company different from competitors, including Klarna. One way this does, he said at a technology conference last year, was to focus on income from individual transactions. Klarna and others pushed the marketing income, she insisted. However, a Klarna spokesman has argued that, who tells the publication that “Klarna's most revenue is derived from transactions, with a smaller part drawn from marketing.”
Levchin said the affirm did not prove transactions through advertising or marketing.
“I'm not criticizing – it's not my place to decide the bad businesses,” he quoted as saying. “But I love ourselves, and ours is built around the idea that, ultimately, every transaction needs to be financially meaningful.”
Klarna's reach is more universal than affirm but it made a big push in the US, telling TechCrunch in April that US and Germany represents its largest market But that the US is “getting all the time and often the biggest on a quarterly basis.”
Landing Walmart as a partner will undoubtedly only increase Klarna's existence in the US The retail world's largest by income – reporting $ 441.8 billion in the US just last year.
Only 5% of Walmart's US volume will boost Klarna's total GMV (gross merchandise value) by 28%, the company said In a statement.
