STOCKHOLM, Feb. 12, 2020 /PRNewswire/ -- Klarna, one of the world's leading smooth shopping and payment providers, today announced an agreement to acquire Moneymour, an Italian payment company, from the founders and minority investors. Through the acquisition Klarna gains access to intellectual property to further improve underwriting capabilities, and additional expertise and competence, as the full Moneymour team will join Klarna. This acquisition also marks the first step in launching Klarna's latest product development hub in Milan.
Moneymour was founded in 2017 and is an Italian payment method that allows consumers to `buy now, pay later' by splitting their purchases into monthly instalments based on an instant credit assessment. The Moneymour credit scoring engine is powered by PSD2, as it uses balance and transaction data in the credit scoring algorithm. The technology ensures an ever faster and automated credit decision for consumers as only a few clicks are necessary, rather than lengthy and paperwork heavy manual processes. Klarna believes this technology is key especially when underwriting credit to millenials. Going forward, the Moneymour competence and technology could be used across Klarna's markets, creating an even better and smoother shopping experience for consumers.
"We're impressed with what the Moneymour team has achieved so far, and we are also happy to now progress the establishment of our new product development hub in Milan. The talented team has developed an interesting offering for the Italian market, and with their knowledge and expertise we can further strengthen our underwriting capabilities in the market. Under the Klarna umbrella, we will together further develop the proposition and scale this across markets, which will support in accelerating growth," says Koen Köppen, CTO at Klarna.
Klarna is now powering over 200,000 retailers globally including Luxottica, Calzedonia, Alitalia, H&M, ASOS, Peloton, Abercrombie & Fitch and Samsung. During 2020, Klarna will continue its growth momentum on current markets as well as enter new markets, where Australia is the most recent example. Establishing a new product development hub in Milan will support the growth efforts on the fast growing Italian ecommerce market.
The transaction is expected to be completed in Q1 2020 and Moneymour's operations will be integrated into Klarna.
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We make shopping smoooth. With Klarna consumers can buy now and pay later, so they can get what they love today. Klarna's offering to consumers and retailers include payments, social shopping, and personal finances. Over 200,000 merchants, including H&M, Adidas, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, Nike and AliExpress have enabled Klarna's innovative shopping experience online and in-store. Klarna is the most highly valued fintech in Europe with a valuation of $5.5bn and one of the largest private fintechs globally. Klarna was founded in 2005, has over 2,700 employees and is active in 17 countries. For more information, visit klarna.com.
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Koen Köppen CTO Klarna
Klarna HQ Stockholm
SOURCE Klarna Bank AB (publ)