Klarna Bank AB, a Swedish fintech company popular in Europe, plans to embrace cryptocurrencies on its platform, the firm’s chief executive officer, Sebastian Siemiatkowski announced in a post on X over the weekend.
“I give up. Klarna and me will embrace crypto! More to come,” he wrote to his 33,000 followers on the app.
Klarna is a popular “buy now, pay later” app primarily used in Europe. The platform, which is valued at $14.8 billion according to Investopedia, has over 85 million users and 100 billion of volume, Siemiatkowski said.
The company has been around since 2005 and received backing by Sequoia Capital, a prominent venture capitalist behind many fintech and crypto-focused companies, in 2010. Siemiatkowski said he was introduced to three entrepreneurs by an investment analyst at the VC which convinced him to get into crypto.
Sequoia, which holds a 22% stake of Klarna, also backs Avalanche, Fireblocks, Stripe, and crypto exchange EDX Markets, among others.
Many other fintech firms have long incorporated crypto into their platforms, such as Robinhood, Venmo or Revolut. The latter two, for example, have long allowed users to buy, sell and hold certain cryptocurrencies on the app.
“It still feels historic,” Siemiatkowski wrote. “Last large fintech in the world to embrace it. Someone had to be last.”
Siemiatkowski did not specify how exactly Klarna would incorporate cryptocurrencies into its business model. One user suggested a “buy crypto, pay later” option, which Siemiatkowski responded to saying “probably not.” Earlier today, he said while the company will look at all the options, it might take some time for it to have a plan in place.