- Klarna partners with Stripe to expand its retail network.
- Millions of global businesses will soon be able to integrate Klarna in their checkout.
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Klarna, the buy now, pay later (BNPL) player, entered a strategic partnership with Stripe, whose millions of global businesses can now integrate Klarna in their checkout, per a press release sent to Insider Intelligence. Klarna will also use Stripe’s infrastructure to accept credit card payments in the US and Canada, and the two companies plan to expand their partnership to cover more countries and products in the future.
Given Stripe’s reach and big-name clients like DoorDash, Shopify, and Lyft, this partnership is a huge growth opportunity for Klarna to greatly expand its acceptance network.
This is Stripe’s second major BNPL partnership: It teamed up with AfterPay in February, bringing the BNPL service to the US, the UK, Australia, and New Zealand. Given Klarna’s global presence, the partnership lets Stripe offer increased payment flexibility, which can encourage additional spending and drive payments volume. It’s already a success: Stripe retailers averaged a 27% increase in sales after the integration with Klarna, according to the press release.
The bigger picture: Klarna also recently acquired online travel planning company Inspirock and plans to integrate Insiprock’s capabilities in its app. These two moves should help bring Klarna to a wider market and drive users and volume to the company, helping it to sustain growth as the competition in the BNPL space intensifies.
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