Klarna is raising fresh funds from investors led by SoftBank that values the Swedish FinTech startup at $45.6 billion, months after two separate investment rounds have sent the company’s valuation soaring.
The Stockholm-based company, which is already Europe’s most valuable startup, raised $639 million in new equity funding, it said on Thursday.
“I’m very proud of the investors who are supporting Klarna’s ambition to challenge these outdated models” of revolving credit, said Sebastian Siemiatkowski, the company’s founder and chief executive.
Klarna in March raised $1bn at a valuation of $31bn, tripling its price from a previous round in September. At the time, Mr Siemiatkowski said there was high demand from investors and they could have raised as much as $3bn.
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SoftBank is already an investor in Klarna, according to a representative for the FinTech company. Other investors in the latest funding round include Adit Ventures, Honeycomb Asset Management and WestCap Group as well as Sequoia Capital, SilverLake, Dragoneer and Permira.
Klarna said in March the hot investor demand was driven by the company’s success in the US, which is on track to overtake Germany as its biggest market by the end of 2021. The company previously said it had signed up 20 of the top 100 brands in the US and attracted a million new customers a month there in the last quarter of 2020.
The FinTech firm, which rivals PayPal and Square as well as traditional credit cards, lets customers “buy now and pay later” in four interest-free instalments when they shop online or in store with brands such as Abercrombie & Fitch, H&M, Adidas and Lululemon.
Klarna continues to face speculation around a possible public listing in the near future. In May, Klarna said it was considering a listing in London in the next year or two but that it was still deciding where to list.
“We are excited to continue supporting the team in bringing the next generation of financial services to new markets worldwide,” said Yanni Pipilis, a managing partner for SoftBank Investment Advisers.
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
Lexus LX700h specs
Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor
Power: 464hp at 5,200rpm
Torque: 790Nm from 2,000-3,600rpm
Transmission: 10-speed auto
Fuel consumption: 11.7L/100km
On sale: Now
Price: From Dh590,000
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Reading List
Practitioners of mindful eating recommend the following books to get you started:
Savor: Mindful Eating, Mindful Life by Thich Nhat Hanh and Dr Lilian Cheung
How to Eat by Thich Nhat Hanh
The Mindful Diet by Dr Ruth Wolever
Mindful Eating by Dr Jan Bays
How to Raise a Mindful Eaterby Maryann Jacobsen
Our legal consultant
Name: Dr Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
UAE currency: the story behind the money in your pockets
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Mohammed bin Zayed Majlis
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UAE currency: the story behind the money in your pockets
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Abu Dhabi Desert Challenge – Rally schedule:
Saturday: Super Special Spectator Stage – Yas Marina Circuit – start 3.30pm.
Sunday: Yas Marina Circuit Stage 1 (276.01km)
Monday: Nissan Stage 2 (287.92km)
Tuesday: Al Ain Water Stage 3 (281.38km)
Wednesday: ADNOC Stage 4 (244.49km)
Thursday: Abu Dhabi Aviation Stage 5 (218.57km) Finish: Yas Marina Circuit – 4.30pm.
Feeding the thousands for iftar
Six industrial scale vats of 500litres each are used to cook the kanji or broth
Each vat contains kanji or porridge to feed 1,000 people
The rice porridge is poured into a 500ml plastic box
350 plastic tubs are placed in one container trolley
Each aluminium container trolley weighing 300kg is unloaded by a small crane fitted on a truck
