Klarna has rolled out a search and compare tool in the UK and Nordics as the fintech giant looks to diversify its revenue streams away from its core buy-now, pay-later business, an industry under increasing scrutiny.
(Bloomberg) — Klarna has rolled out a search and compare tool in the UK and Nordics as the fintech giant looks to diversify its revenue streams away from its core buy-now, pay-later business, an industry under increasing scrutiny.
It follows the product’s launch in the US last month and comes a year after the Swedish firm bought price comparison service PriceRunner for a reported $125 million, making it Klarna’s largest acquisition to date. The deal was finalized in the first quarter of 2022.
“For Klarna, today’s launch is a major milestone in our evolution from a payment network to a single shopping destination,” Klarna boss Sebastian Siemiatkowski said in a statement.
Klarna, the former darling of European fintech, suffered a steep valuation cut earlier this year but Siemiatkowski said in October its “painful” restructuring was largely complete.
The new offering intends to provide retailers with an alternative to Alphabet Inc.’s Google and Amazon.com Inc. and supply Klarna with an additional revenue stream. Klarna’s affiliate marketing business generates 600 million leads a year for its retail partners, according to the company.
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