Sweden’s Klarna is now Europe’s most valuable fintech company

Sweden's Klarna is now Europe's most valuable fintech company
Sebastian Siemiatkowski, one of the founders of Klarna. Photo: Lars Pehrson/SvD/TT
Swedish startup Klarna has become Europe's most valuable fintech company at $5.5 billion, after raising $460 million in an equity round.

“This new valuation ranks Klarna as the largest private fintech in Europe and as one of the largest private fintechs globally,” the company said in a statement.

The capital raised will be used to help further the company's expansion into the United States where it's growing “at an annual rate of six million” consumers.

Klarna also said its “footprint” continues to grow – it nw handles one million transactions daily and serves over 60 million consumers, and is closing in on annual revenues of $1 billion.

The funding round for the company, which counts celebrities like Snoop Dogg among its investors, was led by San Francisco-based Dragoneer Investment Group.

Launched in 2005, Klarna has established itself as one of Sweden's most successful startups, offering businesses online payment solutions and consumers easy payment options.

But it has faced a number of complaints from customers over data security in recent years.

READ ALSO: How to land your dream job at Klarna or other Swedish startups

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