Klarna is selling its online checkout business to a consortium of investors for around 485 million euros in order to eliminate the conflict of interest with partners such as Adyen and Stripe.
The consortium led by BLQ Invest CEO Kamjar Hajabdolahi will acquire Klarna Checkout in October.
Launched in 2012, Klarna Checkout works directly with merchants to help them offer their BNPL payment options. The company is successful in the Nordic countries with a market share of 20%, rising to 40% in Sweden.
However, the company is increasingly focusing on working with payment processors like Stripe as a distribution partner as it competes with companies like Apple Pay and PayPal for dominance in their ecosystems.
According to documents seen by Bloomberg: “Klarna intends to divest Klarna Checkout to eliminate friction and fully focus on working with its sales channels.” This will create a simple relationship with all partners without the conflict between PSP and Checkout .”
Sebastian Siemiatkowski, CEO of Klarna, says: “Klarna Checkout is very close to my heart and the impact it has had on Klarna’s journey is immense.” I am delighted that it has found a new home, with owners who care carefully were selected to continue to create outstanding value for our trading partners.”