Klarna brings Buy Now, Pay Later to Etsy
Leading Swedish fintech Klarna will launch its Buy Now, Pay Later solution on creative marketplace Etsy.
The feature will go live in the US, before rolling out to other global markets throughout 2021.
Klarna CEO Sebastian Siemiatkowski says the partnership will make it “even easier for [Etsy’s] vibrant buyer community to get the items they love”.
Enabled by Adyen’s global payments platform, Etsy customers will be able to delay the payment of purchases valued between $50 and $10,000.
Klarna offers shoppers three distinct ways to pay:
- Purchase now and pay within 30 days
- Purchase now and spread the cost over three payments: one at point of sale, and two scheduled automatically every 30 days
- Purchase now and finance the transaction to be paid within six and 36 months
Etsy is an online marketplace for more than 3m creatives to market and sell their goods, including everything from t-shirts featuring original prints, to one-off jewellery items and, in the time of COVID-19, custom face masks. It serves more than 47m active buyers and reached annual gross merchandise sales of $5b in 2019.
The timely launch precedes what is known as the golden quarter in retail, the three months leading up to and surrounding the Christmas and holiday shopping season. Kruti Patel Goyal, Etsy's Chief Product Officer, says integrating Klarna will provide customers a “flexible solution” to shop for friends and family over the period, particularly as consumers continue to tighten their belts over COVID-19 uncertainty.
"Klarna will enable shoppers to buy on Etsy with greater financial control and convenience, without additional fees for sellers,” Goyal adds.
Investment in retail
Klarna's partnership with Etsy follows the closure of a $650m funding round in September, led by Silver Lake, which will be used to further invest in the fintech’s retail offering - particularly in the US, where it says it now reaches more than 9m consumers. Klarna says it added more than 35,000 new retailers to its platform during the first half of 2020.
The injection takes Klarna’s valuation to $10.65b, making it the most valuable private fintech in Europe and among the top five globally.
The Ultimate FinTech & InsurTech LIVE Event
From October 12th-14th, 2021, BizClik’s FinTech & InsurTech live event will bring together influential executives from around the world. Live from London, this three-day event will be an excellent way to finish the year strong, gaining the confidence your company needs to move forward into the future.
With keynote addresses from global leaders, dynamic roundtable discussions, and extensive networking opportunities, FinTech & InsurTech live will expand your network, deliver insight, and enhance your organisation’s reach. Events include a forum on financial services, discussions centred on racial equality and women in fintech, and APAC, EMEA, and US-focused sessions that capture insights from around the world.
The event will include:
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Scope Out the Agenda
This week, we’ll share our weekend schedule of events, filled with essential industry topics and keynotes replete with knowledge and insight. Here’s a rundown of the three-day schedule:
Kicking off at 10 AM with a welcome message from our CEO Glen White, the first day of FinTech and InsurTech Live won’t pull any punches. We discuss racial equality, inventive financial services, and cloud migration—and that’s just the morning lineup.
Later on, we’ll cover supplier diversity, AI digital transformation, and fintech sustainability, in addition to cloud and digital transformation in global insurance. Don’t worry—we have a networking lunch in-between events! Finally, we’ll close out the day with online banking, women in fintech, and a recap of Day 1.
First we’ll hear from Scott Birch, our expert BizClik Media Editorial Director and facilitator, live from the Fintech Leaders Stage. We then jump into the future of digital payments, unicorns, and digital insurance brokers. Interested in learning more about digital underwriting and digital payment solutions? You’ve come to the right place.
In the afternoon, we’ll touch on CX in insurance, host a forum on financial services, and discuss what the world might look like as a cashless society, plus the future of challenger and neo banks. Wrapping up, we’ll talk tech and AI in insurance, PayTech, and hear from a surprise inspirational speaker. But we’re not done yet.
As is only fitting, BizClik’s CEO, Glen White, will introduce our APAC sessions, highlighting the critical role that Asia will play in the future of fintech and insurance. Following his remarks, we’ll open up the floor for a chat about digital banking, discuss technology in APAC, and hear from Dipu KV in an iconic keynote address.
After a series of thought leaders and networking sessions, we’ll head into an EMEA-focused session, which includes an EMEA technology panel, a CDO keynote, and a Europe enterprise presentation. In fact, this day’s events span the globe. Next up is a USA regional keynote, followed by a US CIO presentation and talks about enterprise.
A final end-of-event farewell will close out the weekend, wrapping up a successful FinTech and InsurTech global event. Can’t miss it. We look forward to seeing you there!