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Klarna, a major European payments platform known for its “buy now, pay later” services, is exploring the potential for cryptocurrency integration. The company’s CEO, Sebastian Siemiatkowski, announced the initiative in a tweet over the weekend, signaling that Klarna would begin looking at ways to incorporate digital currencies into its platform, although he cautioned that it may take some time before a clear strategy is implemented.
The Swedish fintech, which has been operational since 2005, is valued at $14.8 billion. It serves over 85 million users and has processed more than $100 billion in transaction volume. Siemiatkowski’s post on social media reflected his personal shift toward embracing the crypto sector, marking a significant moment for the company as it becomes one of the last large fintech firms to consider entering the space.
Klarna’s decision to enter the crypto world aligns with growing trends in the fintech industry, where companies like Robinhood, Revolut, and Venmo have already integrated cryptocurrency capabilities. While Klarna has yet to detail its specific approach, Siemiatkowski noted that the company would consider multiple options, but he dismissed the idea of offering a “buy crypto, pay later” service.
Klarna’s primary backer is Sequoia Capital, a venture capital firm that also supports crypto projects like Avalanche and Fireblocks. Sequoia holds a 22% stake in Klarna, and Siemiatkowski’s interest in crypto was reportedly influenced by an introduction to key entrepreneurs in the space via Sequoia’s network. This partnership has provided Klarna with a strong foundation to expand into the crypto sector, despite the company’s traditionally conservative stance on digital currencies.
The move to explore crypto integration comes as the broader fintech market becomes increasingly competitive in terms of offering cryptocurrency services. Although Klarna is not yet ready to fully commit to crypto, its entry into this domain could position the company as a more flexible player in the evolving landscape of digital payments.
Klarna’s potential shift into the crypto space reflects a broader trend where established fintech companies seek to diversify their offerings in response to increasing demand for digital assets. While the timeline for these changes remains unclear, the decision marks a significant step in the mainstream adoption of cryptocurrency.
