Swedish fintech giant Klarna is set to integrate cryptocurrencies into its services, signaling a strategic pivot for the global buy-now-pay-later (BNPL) leader.
This shift comes as the company’s reported plans for a US IPO later this year.
Klarna CEO Confirms Crypto Plans but Rules Out BNPL for Digital Assets
On February 8, CEO Sebastian Siematkowski confirmed the company’s plans to enter the crypto market. According to him, the company might be one of the last major fintech firms to make this move, but this is a milestone in itself.
“Ok. I give up. Klarna and me will embrace crypto! More to come. Btw all crypto fans, tell me what we should do with it? We have 85 million users worldwide, 100 billion of volume, and over 0.5 million merchants. About 30% of volume is debit not credit. Over 1 million cards,” Siematkowski said.
While the company is open to exploring various crypto integration strategies, Siematkowski has welcomed industry feedback to refine Klarna’s approach. However, he dismissed the possibility of offering BNPL services for crypto purchases.
In response, community members suggested that the firm could leverage stablecoins to give its users more flexibility in digital transaction settlements.
Industry stakeholders compared the firm to PayPal, which launched its own stablecoin, and suggested Klarna could follow a similar path. Others recommended integrating existing stablecoins to enhance transaction efficiency.
“You can settle with your merchants in stablecoin. Probably be faster than what you are doing now,” Nikhil Chandhok, the Chief Product & Technology Officer at stablecoin issuer Circle said.
Additionally, community members have suggested blockchain networks and DeFi protocols, including Aave, Solana, and XRPL, as potential infrastructure partners.
Siematkowski acknowledged these proposals and noted that regulatory compliance remains a top priority.
He also highlighted the shifting perception of crypto within the fintech industry, recognizing that regulatory adherence is now considered a competitive advantage. This perception is a stark contrast to previous years when skepticism dominated discussions.
“Interesting observation anyways how so many people highlight suggestions being fully compliant, as a key advantage. Such a change from some years ago,” Siematkowski said.
Meanwhile, the company’s shift comes as Klarna reportedly prepares for a US IPO, targeting a valuation of up to $15 billion. If successful, it could be one of the largest listings of the year.
Since its inception in 2005, Klarna has expanded rapidly, serving over 85 million users and half a million merchants. According to stats, it’s currently the largest BNPL service provider in the world.
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