Sweden’s Klarna becomes Europe’s No 1 startup with $31 billion valuation

Klarna, a global retail bank, payments and shopping service, said it has raised $1 billion in equity funding to accelerate international expansion and further capture global retail growth.

“The 4x oversubscribed round included a combination of new and existing investors and closed at a post-money valuation of $31 billion, making Klarna the highest-valued private fintech in Europe and the second-highest worldwide,” it said.

At $31 billion valuation Klarna would be tied for 6th spot globally among unicorns, according to CB Insights’ list. The list is topped by Chinese AI firm Bytedance, SpaceX and Didi Chuxing. Stripe and UIPath are also ahead of Klarna.

Last week the company reported 40% year-on-year growth in 2020 revenues, which reached $1.09 billion.

In 2020, the Klarna app was consistently ranked among the Top 10 app downloads in the United States, proving Klarna’s ability to elevate the mobile shopping experience.

Klarna believes its uniquely placed to meet the continued accelerated demand both online and in-store thanks to its global platform, supported by its app, which makes the transition between channels seamless for consumers.