Jun 28, 2017
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Visa invests in Klarna amid push to accelerate online and mobile commerce

Jun 28, 2017

Visa has reached an agreement to invest in Klarna, a leading online payments firm that serves 60 million consumers and 70,000 retailers including Topshop, Miss Selfridge, Finery, Lyst and Asos.

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The companies will form a strategic partnership aimed at accelerating online and mobile commerce for the benefit of consumers and merchants across Europe.

In the past few years, Stockholm-based Klarna has emerged as a disruptive force in the e-commerce arena, offering products that address changing consumer preferences and deliver a flexible and seamless experience.
In July 2016, the company rolled out a mobile checkout solution for Lyst, and in September it signed a deal with Arcadia Group to launch Buy Now Pay Later.

“Klarna has demonstrated an expertise in consumer credit and online purchasing and together, we share a vision for how today’s online and mobile commerce experiences can be as simple as they are in the real world,” said Jim McCarthy, executive vice president, innovation and strategic partnerships at Visa.

“The Visa and Klarna partnership is a natural fit. We both understand consumer credit and the value of consumer centricity in developing innovative payment solutions,” added Sebastian Siemiatkowski, chief executive officer and co-founder of Klarna.

“Klarna continually strives to offer the most advanced choice of payment solutions for our merchants and give consumers the smoothest buying experiences. Partnering with Visa will give us the opportunity to strengthen our global presence and product portfolio by leveraging our combined assets.”

Online sales are forecasted to grow by double digits in Europe in the coming years, according to Forrester, and will account for 12%of the region’s total retail sales by 2021.

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