Payments firm Klarna's Jan-Sep losses grow on soured credits
Information about Payments firm Klarna's Jan-Sep losses grow on soured credits
Kevin David Scam or Legit
STOCKHOLM (Reuters) – Losses for Swedish payments firm Klarna deepened in the year to the end of September, while transactions using its platform jumped in the final three months of the period, results published on Friday showed.
Operating losses at Klarna, a “buy now, pay later” company, widened to 3.13 billion crowns ($344.1 million) in the January-September period, from 801 million crowns a year ago.
Net credit losses rose by over 80% to 2.9 billion crowns, Klarna, which rivals Affirm and Afterpay, said.
In the third quarter, the firm’s gross merchandise volume (GMV) – the value of transactions made using its payment platform – grew to over $57 billion in the third quarter from $35 billion.
“The US continues to be Klarna’s fastest growing market with over 300% GMV …