The Stripe and Klarna partnership signals wider growth strategies for the two fintechs
- Klarna is teaming up with Stripe to offer BNPL to its merchants, one of the biggest moves into the space after rivals Square and PayPal.
- The partnership allows the two largest private fintech companies to push forward their strategy of being a one-stop-shop for their clients.
The increasingly competitive flexible payments market witnessed another big move last week when Stripe and Klarna announced their partnership.
With this new deal, both companies are looking to expand their product offerings – Stripe adds flexible payment options to its repertoire, while Klarna gets access to new markets and customers.
Stripe, the fintech whose name has become synonymous with modern payments solutions, is valued at $95 billion, while Klarna’s market value of nearly $46 billion makes it the second-biggest fintech globally. Both firms are expected to go public in the near future.
Through this collaboration, the goal was “less so for Stripe to attract new users than to help existing users grow their revenue”, according to the fintech’s Nordic Manager, Erik Olofsson. The main focus here was to increase conversions and order value, as well as attract new customers, he noted.
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