The CEO of Klarna, Sebastian Siemiatkowski, expects the company’s revenue to grow by 40 percent in 2016 – as Klarna moves its focus to the US market competing directly with online payment giant Paypal, says Reuters.

While US online retail sales are forecasted to grow annually by 10 percent, Klarna’s business in US is expected to start blooming late this year or in the beginning of 2017.

“This year, we’re going to add almost 10 percentage points to our growth rates, and in absolute terms we will probably double our growth,” said Siemiatkowski.

The Swedish payment solution provider has generated $331 million in revenue last year compared to $260 million in 2014 as a result of strong sales in the Nordics and German-speaking market.

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