Klarna Bank AB, is famously known as Klarna. It is a Swedish fintech company that delivers online financial services. It allows direct payments and payments for online storefronts. In addition to this, it also offers post-purchase payments.
Buyer protection and excellent customer service are standard features of Klarna’s payment solutions. Rather than having customers make a purchase now and then pay later, you receive payment for your product in full at the time of sale.
About 4,000 people work for it, with the majority of them located in Stockholm and Berlin, where the company’s headquarters are located. Online sales for the company were estimated to be $35 billion in 2019. In 2011, Klarna accounted for about 40% of all Swedish e-commerce sales. The company asserted in 2021 that its market value was $31 billion.
The company was founded 16 years back in 2005 by Sebastian Siemiat Rakowski, Niklas Adalberth, Victor Jacobsson. Its headquarter is located in Stockholm, Sweden, and over the years the company spread to 15 locations around it.
The overall popularity and reliability of the customers, has made it the biggest competitor of all the other financial companies. This article will give you a brief about the Klarna competitors and Klarna alternatives in the financial market.
Klarna competitors in the market
Clearpay, also known as Afterpay in its native Australia, is one of the top Klarna competitors, not only in that country but also in some of the company’s most important markets.
Afterpay can be integrated directly into your store’s API or through the use of a plugin from our platform. In addition to initial integration and ongoing maintenance, Afterpay offers comprehensive technical support.
In 2020, the Australian company grew at a record rate and has set its sights on eroding Klarna’s lead in 2021.
Clearpay’s sales in the UK increased by 346 percent to £163 million, from £54 million in the first quarter of the 2020 financial year.
Across all regions, Clearpay saw sales rose by 115% to A$4.1bn (£2.3bn) in the first quarter of its 2021 financial year, a huge leap from the A$1.9bn (£1.03bn) recorded in the same period last year.
With its headquarters in Minneapolis, Minnesota, Sezzle is a publicly traded financial technology company that does business in both the United States and Canada. Several online stores accept interest-free installment payments through the company’s payment platform. More than 6.7 million people had signed up for the Sezzle platform by March 2021, and 34,000 businesses were using it.
The company came into existence in the year 2016 and since then it has increased lots of users. In 2021 June an increase of 7.8 million users was seen by the company.
Sezzle is 2nd in the list of top Klarna competitors and Klarna alternatives.
- PayPal Credit
Payment via PayPal Credit, formerly known as Bill Me Later (BML), is available on the websites of a wide range of well-known merchants, including those of Wal-Mart and Home Depot as well as the US Postal Service and eBay.
Rather than using a credit card, customers can make purchases through Synchrony Bank’s site, which offers a revolving line of credit. The company was one of the first to receive the Red Herring Global 100 Award.
Bill Me Later was acquired by PayPal on November 7th, 2008. I4 Commerce used to be the owner of this domain name.
PayPal is one of the prominent Klarna alternatives in the world.
Laybuy, a New Zealand-based competitor of Afterpay, hopes to eat into Klarna’s market share in 2021.
Following the Covid-19 pandemic, consumers shifted to online shopping, giving Laybuy and its fellow BNPL fintechs a strong 2020.
The total amount spent on the fintech’s platform rose by 162% in the last year. Customers of Laybuy have spent over NZ$508 million (£238 million) on the platform.
Laybuy, in contrast to Klarna and ClearPay, which have monthly or bi-monthly repayment structures, allows customers to make repayments every week.
Financial technology firm Affirm, based in San Francisco, California, is a publicly traded company. Consumer installment loans are provided by the company, which operates as a financial lender. Customers can use their installment loans at the point of sale to pay for purchases.
The company was founded by Max Levchin, Nathan Gettings, Jeffrey Kaditz, and Alex Rampell in the year 2012. The headquarters of the company is located in San Francisco, California, U.S.
In 2020 the company generated a revenue of $510 Million with around 1,342 employees working in the year 2021.
Splitit is a payment tool that permits buyers to pay for products with an existing debit or credit card by dividing the cost into interest-free monthly payments without having to apply for anything else.
Splitit encourages merchants to offer their buyers an easy way to pay for purchases in monthly installments with instant permission, lessening cart abandonment prices and increasing revenue.
In addition to serving many of the top 500 online retailers, Splitit has a global presence in 27 countries, serving hundreds of merchants there as well. In addition to Splitit’s New York headquarters, the company maintains R&D centers in Israel and London and plans to expand to Australia.
Splitit is 6th on the list of top Klarna competitors and Klarna alternatives.
GoCardless is the world’s largest provider of recurring payments. The GoCardless global payments network and technology platform make it easier for businesses with regular revenue to get paid.
Every month, GoCardless processes $10 billion in payments for over 40,000 organizations globally, ranging from large corporations to small businesses.
GoCardless presently operates offices in four countries: the United Kingdom, France, Australia, and Germany.
It was founded by Hiroki Takeuchi, Matt Robinson, Tom Blomfield in the year 2011.
This concludes the article on Klarna competitors and Klarna alternatives in 2022.
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