Just a few weeks after Klarna was named Europe’s most valuable FinTech company on the back of a $650m round, the Swedish decacorn has now received new investment from Macy’s.
While neither of the parties divulged just how much the American department store would inject into Klarna, the deal will enable Macy’s to tap into the company’s buy now, pay later technology. The partnership will last for five years.
“With a strong focus on digital agility and innovation, Macy’s continually seeks strategic partnerships that enable us to provide our customers with the best possible shopping experience,†said Matt Baer, chief digital officer, Macy’s. “We’re excited to embark on a long-term relationship with Klarna that will help us reach wider audiences looking for seamless alternative payment solutions that provide them with financial control and convenience.â€
Macy’s hopes that the being able to offer Klarna’s technology will help it appeal to younger demographics who increasingly prefer alternative ways to pay but also to any consumer seeking flexibility and convenience.
“Macy’s is the shopping destination for American consumers, synonymous with quality, style, and celebration,†said Sebastian Siemiatkowski, CEO of Klarna. “Klarna is delighted to partner with Macy’s as the shift to online retail accelerates and the company continues to innovate and enhance its digital offerings to meet evolving consumer expectations, for which smart and flexible payments are essential. This strategic collaboration is firmly rooted in a shared obsession with offering a superior innovative shopping experience that builds lasting connections with consumers.â€
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