Klarna is now Europe's most valuable fintech firm with a new $5.5 billion valuation by Sam_L_Shead
Swedish payments startup Klarna has raised $460 million from investors who valued the company at $5.5 billion, some $2 billion more the next most valuable consumer-facing fintech firms in Europe—currency exchange app TransferWise and mobile banking app N26.
The latest funding round, led by San Francisco-based Dragoneer Investment Group, will provide Klarna with capital to help it expand in the U.S.. Other investors in the round included Commonwealth Bank of Australia, HMI Capital, and funds and accounts managed by BlackRock. The investment comes hot on the heels of a $100 million plus funding round in April, which valued Klarna at $3.5 billion. Snoop Dogg and Sequoia Capital, one of the most renowned venture capital firms in the world, are among Klarna's other investors.
There are 3,000 merchants in the U.S. using Klarna including ASOS, Toms, Superdry, Sonos, and rue21. Brands like H&M and Abercrombie& & Fitch are also about to go live with Klarna, which is now processing over a million transactions each day.
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