Klarna reports sales growth as shoppers flock online

Reuters
·1 min read

STOCKHOLM, Nov 26 (Reuters) - Online lender and payments provider Klarna Bank AB reported on Thursday a 43% jump in the value of transactions carried out via its payment platform in the first nine months of the year as customers spent more online during the COVID-19 pandemic.

The Swedish company, which plans to list in New York in the next two years, said gross merchandise volume (GMV) - the value of transactions made using its payment platform - rose to $35 billion in the period, with a $13 billion jump in the third quarter alone.

Total net operating income rose by 37% to $742 million for the January-September period, its financial report showed https://www.klarna.com/international/regulatory-news/klarna-publishes-financial-update-for-january-september-2020.

Founded in 2005, the privately held company allows shoppers to buy online through its merchant partners and settle the dues in four installments using its "buy now, pay later" service.

(Reporting by Supantha Mukherjee, editing by Anna Ringstrom and Emelia Sithole-Matarise)