The Swedish buy-now, pay-later company raised US$800 million at a post-money valuation of US$6.7 billion, down from its previous valuation of US$45.6 billion in June 2021. CPP Investments, which declined to The Logic’s request for comment, joined other new investors in the round including UAE sovereign wealth fund Mubadala Investment Company. (The Logic)

Talking point: In a press release announcing the round, Klarna and its backers struck a slightly defensive note. “The shift in Klarna’s valuation is entirely due to investors suddenly voting in the opposite manner to the way they voted for the past few years,” Michael Moritz, Klarna chair and partner with investment firm Sequoia Capital, said. Klarna is the latest fintech to struggle as higher interest rates and the possibility of lower consumer spending threaten the sector’s prospects. Meanwhile, CPP Investments announced last week that it paid US$334 million for a 19.3 per cent stake in Latin American food retailer D1.