Klarna Closes $800 Million Financing Round at $6.7 Billion Valuation
July 11 2022 - 9:06AM
Dow Jones News
By Dominic Chopping
STOCKHOLM--Klarna Bank AB said Monday that it has closed a new
$800 million financing at a $6.7 billion valuation.
The Sweden-based specialty lending and online payments provider
said the financing attracted strong support from both existing and
new investors and will primarily be used to expand its market
position in the U.S.
Investors led by an arm of SoftBank Group Corp. valued Klarna at
$45.6 billion in June 2021, and Klarna said Monday that since then
the company hasn't been immune to the "significant downdrafts" of
fintech stock in public markets.
However, it said that it received strong backing from existing
investors, including Sequoia, the founders, Bestseller, Silver
Lake, and Commonwealth Bank of Australia, while investors such as
UAE sovereign fund Mubadala Investment Co. and CPP Investment Board
made their first investments in Klarna.
"Eventually, after investors emerge from their bunkers, the
stocks of Klarna and other first-rate companies will receive the
attention they deserve," said Michael Moritz, partner at
Sequoia.
Klarna said it now aspires to allow all of its more than 1,000
smaller shareholders to participate on a pro-rata basis in a
process that will continue for the coming few weeks.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
July 11, 2022 08:51 ET (12:51 GMT)
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