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Payments firm Klarna’s Jan-Sep losses grow on soured credits -Breaking

by Mike Robinson

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© Reuters.

STOCKHOLM, (Reuters) – Klarna, a Swedish payments company, suffered losses in September. However, transactions made through its platform grew in the last three months, according to Friday’s results.

Klarna’s operating losses, which is a “buy now and pay later” company, increased to 3.13 Billion Crowns (or $344.1 Million) during the January-September period from 801 M crowns last year.

Klarna (which rivals Afterpay and Affirm) reported that net credit loss rose more than 80% to 2.92 billion crowns.

The firm’s third quarter gross merchandise volume (GMV), which is the total value of all transactions that are made through its payment platform, grew from $35 billion to $57 billion.

Klarna states that the US is still the most rapidly growing market. It has seen over 300% growth in GMV YTD thanks to 21 million+ users. The firm will be making its first stock market debut in coming months.

SoftBank, Sequoia Capital and NorthZone are among the investors.

($1 = 9.0963 Swedish crowns

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