Klarna is selling its online checkout business to a consortium of investors for approximately €485 million to eliminate the conflict of interest arising with partners such as Adyen and Stripe.
The consortium, led by BLQ Invest CEO Kamjar Hajabdolahi, is set to take over Klarna Checkout in October. Launched in 2012, Klarna Checkout collaborates directly with merchants to provide buy now, pay later (BNPL) payment options, achieving notable success in the Nordics with a 20% market share, which rises to 40% in Sweden.
Klarna has increasingly begun partnering with payment service providers like Stripe as distribution channels, competing with major players such as Apple Pay and PayPal within their ecosystems. Documents reviewed by Bloomberg indicate that Klarna aims to divest Klarna Checkout to streamline its focus on distribution channels, creating a simpler relationship with all partners without the conflict between payment service providers and Checkout.
Sebastian Siemiatkowski, CEO of Klarna, expressed his sentiments on the matter: “Klarna Checkout is very dear to me, and the impact it’s had on Klarna’s journey is immense. I’m so pleased it’s finding a new home, with owners who are carefully handpicked to continue to create outstanding value for our merchant partners.”