DST and General Atlantic lead $155 million funding round for Swedish payment solution provider Klarna

DST, Russia’s leading IT fund with stakes in Facebook, Groupon, Twitter and other top global web properties, has participated in a round of financing for Klarna, a Stockholm based alternative payment solution provider. Also participating in the round were General Atlantic, a leading global private equity firm, and Sequoia Capital, which contributed to Klarna’s financing at earlier stages.

The capital will be used to “expand into new geographies, hire more world-class talent and fuel its rapid growth in existing markets,” according to the company.

Founded in Stockholm in 2005, Klarna handles over $2.5 billion in payment transactions annually for its 14,000 merchant subscribers and has entered into profitiability. The firm claims it doubled its revenues in 2011 and experienced 1,100% growth in Germany, its most recent market entry.

“Over 40% of the transactions conducted by online stores are handled by Klarna, rivaling the major credit card companies as the most preferred online payment method,” said Klarna co-founder and CEO Sebastian Siemiatkowski.

Klarna’s payment system requires no bank cards and little personal data from users. Payment is due only after delivery.

Topics: Finance, International, Internet, News, Payment & banking technologies, Venture / Private equity
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