May 16, 2020

Wayfair latest partner to offer 'pay later' service with Klarna

Klarna
Pay Later
Wayfair
Banking
Amber Donovan-Stevens
2 min
Wayfair is the latest edition to Klarna’s portfolio of clients that can now offer the bank's ‘pay later' service.

Under the new partnership, custom...

Wayfair is the latest edition to Klarna’s portfolio of clients that can now offer the bank's ‘pay later' service.

Under the new partnership, customers using Wayfair.co.uk and Wayfair.de can now use Klarna to pay for products from one of the largest homeware retailers in the world.

Under the new service, Wayfair customers have three new additional payment options: 

  • Purchase now and pay 30 days later

  • Buy now and spread the cost across three monthly payments

  • Buy now and spread the cost for up to four years

Luke Griffiths, General Manager at Klarna UK, commented on the partnership: “Seamless isn’t just for soft furnishings, it’s how our payments experience is designed to work for consumers and retailers. We know that 50,000 new Klarna customers are choosing ‘Pay later’ at checkout each week, while 70% of Klarna customers make repeat transactions throughout the year. By partnering with Wayfair, we’re able to create an experience that heightens customer loyalty, helping them continue their impressive global growth and demonstrating the wider value of our payment products to retailers across all markets.”

SEE MORE: 

Bernie Miles, Head of Engineering at Wayfair Europe added: “Adopting a flexible approach to payments is just one of the many ways we are delivering an exceptional experience and making it easier for our customers to shop online for their home. 

“Our existing partnership with Klarna for Wayfair.de has added so much convenience and accessibility for our shoppers, so we are delighted to bring its flexible payments offering to Wayfair.co.uk. When it comes to building the best platform in shopping online for home, Klarna is one of our valued partners. We’re excited to continue expanding this partnership and build on our continued success in Europe.”

Klarna has built an impressive list of partners across the globe and it is sure to continue to expand

For more information on all topics for FinTech, please take a look at the latest edition of FinTech Magazine.

Follow us on LinkedIn and Twitter.

[Images: Klarna]

Share article

Jun 22, 2021

Payment startup Mollie raises US$800m at a $6.5bn valuation

Fintech
Mollie
Valuation
Payments
3 min
A new funding round values Mollie at US$6.5bn making Mollie the third most valuable privately-held European fintech behind Klarna and Checkout.com

Mollie, one of the fastest-growing payment processors within Europe, today announced it has raised US$800m in a Series C funding round, now valuing the company at $6.5bn. The valuation, based on Dealroom data, makes Mollie the third most valuable privately-held European fintech behind Klarna and Checkout.com.

Blackstone Growth (BXG), Blackstone’s growth equity investing business, led the investment and included participation from EQT Growth, General Atlantic, HMI Capital and Alkeon Capital. TCV who led the Series B investment in September 2020 also participated in the funding round. 

According to the company, the funding will fuel Mollie’s international expansion, team scaling, and continued investment in product and engineering.

“There’s something very special about Mollie. In the three months since I joined the team we’ve achieved so much: making preparations for a full launch in the UK, driving 600% growth in Germany and hiring an impressive set of team members and executives,” said Shane Happach, CEO, Mollie. “Over the past months, Mollie has been receiving a remarkable amount of interest from some of the world’s foremost fintech investors. In bringing on BXG, we believe we have an investor who can help Mollie in our next phase of growth. The involvement of our new group of investors demonstrates confidence in Mollie’s growth, strategy and product set.”

The Amsterdam-based business was launched in 2004, and is one of the largest PSPs in Europe. Today, it serves more than 120,000 monthly active merchants of all sizes across the continent. During 2020, Mollie processed more than 10 billion Euros in transactions and is on track to handle more than 20 billion Euros during 2021. 

“Mollie is one of Europe’s most exciting high-growth businesses and is at the forefront of enabling next-generation payments for online SMEs across Europe. We are excited to partner with Mollie’s fantastic team and look forward to leveraging Blackstone’s capital, expertise and global network to unlock the company’s next phase of growth,” said Paul Morrissey, who leads European investing for Blackstone Growth. “This investment underlines Blackstone’s confidence in Europe as a place for high-growth companies to thrive.”

Competition 

In Europe, FinTech app usage grew by 72% directly after the pandemic outbreak, while the top seven digital banks in the US grew their cumulative user base by 39% throughout the year. Competition in payments has grown over the past few years with fintech players like Stripe, Square and Netherlands-based Adyen all competing for a bigger share of the market.

Unlike its American rivals, Mollie says it mainly focuses on transactions with small businesses in Europe. Shane Happach, CEO of Mollie said: “A lot of the bigger players in online payments come out of the US, like PayPal,”. Adding that even Visa and Mastercard are US companies.

“A lot of investors don’t have a bet on Europe,” Happach said. “Mollie’s one of those unique assets that offers exposure.

Share article