×
414
Fashion Jobs
SHISEIDO
Bareminerals Account Manager - Debenhams Manchester City (37.5)
Permanent · Stretford
GAP
Assistant Visual Manager - Bluewater
Permanent · Kent
MICHAEL KORS (UK) LIMITED
Ecommerce Operations Manager, Emea
Permanent · London
SHISEIDO
Bareminerals Account Manager - Debenhams, Bury (37.5)
Permanent · BURY SAINT EDMUNDS
SHISEIDO
Bareminerals Business Manager - Debenhams, Liverpool (37.5)
Permanent · Liverpool
SHISEIDO
Bareminerals Account Manager - Debenhams, Ipswich (37.5)
Permanent · Ipswich
SHISEIDO
Shisiedo Group Fragrance Account Manager - John Lewis, Brent Cross (22.5)
Permanent · London
SOEUR
Sales Associate
Permanent · LONDON
SOEUR
Store Manager
Permanent · LONDON
RICORRROBE
Fashion Studio Assistant
Internship · LONDON
OTIS JAXON
Photography Internship – Ecommerce Jewellery Company - London
Internship · LONDON
SHISEIDO
Bareminerals Beauty Ambassador - Boots, Sheffield (15)
Permanent · South Yorkshire
SHISEIDO
Bareminerals Opportunities - Lisburn Sprucefield
Permanent · Lisburn
SHISEIDO
Bareminerals Beauty Ambassador - Debenhams, Trafford (12.5)
Permanent · Stretford
SHISEIDO
Bareminerals Beauty Ambassador - Boots, Manchester (35)
Permanent · Stretford
LEVI'S
16 Hour Key Holder Braintree £9.30 p/h
Permanent · Braintree
MARSHALLS
Shift Engineering Manager
Permanent · Wakefield
MARSHALLS
Maintenance Technician
Permanent · Wakefield
MAJE
HR Coordinator UK m/f
Permanent · LONDON
MARSHALLS
Sierra Hardlines Supervisor
Permanent · Madison
LULULEMON
Community Key Leader
Permanent · Oxfordshire
LULULEMON
Hemmer (Soho Broadway) New York City New York United States Hemmer (Stores) Scottsdale Arizona United States Hemmer (Stores) Newport Beach California United States Hemmer (Stores) Whistler British Columbia Canada Hemmer (Stores) Halifax Nova Scotia c
Permanent · London

China's Ant Financial buys small stake in Swedish fintech partner Klarna

By
Reuters API
Published
Mar 4, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Klarna, Europe's most valuable fintech company, said on Wednesday that China's Ant Financial Services Group had taken a small stake in it as the two strengthen their online shopping partnership.




The Swedish 'buy now, pay later' app is already embedded in AliExpress, the international shopping platform run by e-commerce giant Alibaba Group , an affiliate of Ant Financial.

"The current partnership where Klarna payments are available in AliExpress should now expand to new markets globally," CEO Sebastian Siemiatkowski told Reuters, adding that Klarna and Ant Financial would also develop new products.

Klarna, founded in 2005, is backed by rapper Snoop Dogg, U.S. venture capital firm Sequoia Capital and Australia's biggest lender Commonwealth Bank of Australia.

It enables consumers to buy online without having to provide payment details to the merchant they are buying from. Instead, Klarna pays for the order, which is then dispatched.

It invoices the buyer, who typically gets 14 or 30 days to settle - a proposition that is attractive to millennials sceptical about the high costs of credit cards.

Ant Financial's investment amounts to a stake of less than 1% and was made up of existing and new shares, according to a source familiar with the matter.

It was done at a "slight uptick" to the $460 million funding round in August, the source said. That round had valued Klarna at $5.5 billion (4.3 billion pounds) and was led by California-based Dragoneer Investment Group.

The investment by Ant Financial, which did not comment, comes at a time of disruption caused by the coronavirus epidemic. AliExpress warned customers on Tuesday of delays to deliveries.
More broadly, Chinese Big Tech is taking a circumspect approach to investing in European fintech, typically taking minority stakes rather than launching all-out takeovers - as was the case with Tencent's <0700.HK> backing for Berlin-based smartphone bank N26.

Klarna, which describes itself as the European market leader, slid to a loss in 2019 as it invested to grow in the United States. It has launched this year in Australia and is looking to expand further in Europe.

The partnership with Ant Financial will follow that footprint but Klarna has no ambitions to enter China, said Siemiatkowski.

"The U.S. is often used as a benchmark of what it means to be competitive but in my world it just does not compare to the Chinese one," he told Reuters.

"The level of innovation there is just tremendous, especially in app retail and payments - they are the global pace setters. For Klarna, there is much more opportunity in other markets."

 

© Thomson Reuters 2020 All rights reserved.

Tags :
Others
Business