Visa Commits to Strategic Investment in Klarna; Companies Plan Partnership Deal
June 27 2017 - 8:30AM
Business Wire
Future collaboration will enhance payment
experiences for consumers in Europe
Today, Visa (NYSE:V) and Klarna announced they have reached an
agreement for Visa to invest1 in Klarna, and intend to develop a
future strategic partnership. Klarna is one of Europe’s fastest
growing online payments companies, serving 60 million consumers and
70,000 retailers.
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The equity investment and planned partnership demonstrate Visa
and Klarna’s shared vision to accelerate online and mobile commerce
for the benefit of consumers and merchants across Europe.
Visa’s planned investment is part of a global strategy to open
up the Visa ecosystem and support a broad range of new partners who
are helping to redefine and enhance the purchase experience for
millions of consumers globally. Klarna develops products that
address changing consumer preferences, giving them the flexibility
and seamless experience they expect when shopping.
“Klarna has demonstrated an expertise in consumer credit and
online purchasing and together, we share a vision for how today’s
online and mobile commerce experiences can be as simple as they are
in the real world,” said Jim McCarthy, executive vice president,
innovation and strategic partnerships, Visa Inc. “Visa is committed
to partnering with a new generation of partners and payment
providers to bring secure, online commerce to many more consumers
in Europe. We look forward to working more closely with Klarna to
accomplish this.”
“The Visa and Klarna partnership is a natural fit. We both
understand consumer credit and the value of consumer centricity in
developing innovative payment solutions,” said Sebastian
Siemiatkowski, chief executive officer and co-founder of
Klarna.
“Klarna continually strives to offer the most advanced choice of
payment solutions for our merchants and give consumers the
smoothest buying experiences. Partnering with Visa will give us the
opportunity to strengthen our global presence and product portfolio
by leveraging our combined assets. We are excited about the
possibilities of what we can do together.”
According to Forrester2, Europe is expected to see double-digit
growth in online sales in the coming years. By 2021, the growth in
the number of connected devices and improvements in mobile
connectivity will drive online sales to reach 12 percent of the
region's total retail sales. Additionally, online retail sales are
expected to grow at an average rate of 12 percent per year over the
next five years in Western Europe.
# # #
About Visa
Visa Inc. (NYSE: V) is a global payments technology company that
connects consumers, businesses, financial institutions, and
governments in more than 200 countries and territories to fast,
secure and reliable electronic payments. We operate one of the
world’s most advanced processing networks — VisaNet — that is
capable of handling more than 65,000 transaction messages a second,
with fraud protection for consumers and assured payment for
merchants. Visa is not a bank and does not issue cards, extend
credit or set rates and fees for consumers. Visa’s innovations,
however, enable its financial institution customers to offer
consumers more choices: pay now with debit, pay ahead with prepaid
or pay later with credit products. For more information, visit our
website (www.visaeurope.com), the Visa Vision blog
(vision.visaeurope.com), and @VisaInEurope
About Klarna
Klarna is one of Europe’s leading payments providers that aims
to make the payment process simple, smooth and safe for customers
and its merchant partners. Klarna works together with 70,000
merchants to offer payment solutions to more than 60 million users
in Europe and North America. Klarna, headquartered in Stockholm
Sweden, has 1,500 employees and is active in 18 countries. The
company was founded in 2005 was recently named as one of the top
disrupter companies in the world by CNBC.
1 Visa’s investment is subject to Klarna’s receipt of regulatory
approvals and Klarna’s final decision on allocation
2 Forrester Data: Online Retail Forecast, 2016 To 2021 (Western
Europe)
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Media ContactsVisaRica Squiressquiresr@visa.com+44 7436
281065orKlarnaAoife HoulihanAoife.Houlihan@klarna.com+46 72-855
8047
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