Klarna picks up team and tech of bankrupt Cookies

Swedish payments processor Klarna is acquiring the technology and team behind peer-to-peer payments app Cookies.

No price is disclosed on the deal but with Cookies filing for bankruptcy at the start of November it is thought that the price paid was low.

Cookies was founded by former employees of German challenger bank N26 and allowed users to make peer-to-peer transfers through its app.

After raising $1.6m in funding and launching its app the company filed for bankruptcy having reportedly failed to raise further funding.

Valued at $2.25m Klarna has picked almost $300m from investors for its online payments processing technology and last year began to expand into the US market.

Cookies’ team will remain in Berlin with its HQ now serving as Klarna’s office in the city.

The former Cookies employees will work to develop new products for Klarna. It’s not know what these will include but Klarna does not currently have a peer-to-peer offering.

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