Klarna becomes Europe’s biggest fintech with US$5.5 billion valuation

The Swedish company raised US$460 million in its latest round, led by Dragoneer, a Silicon Valley venture capital firm. Other investors included the Commonwealth Bank of Australia and several funds managed by BlackRock, the world’s largest asset management firm. The digital bank fronts money for online shoppers and lets them pay for their purchases over time without interest. Its valuation more than doubled in the last seven months, starting the year at US$2.5 billion. Klarna plans to use its new funding to expand in the U.S., where it competes with fintechs like PayPal and Square. (Financial Times)

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