‘Buy now, pay later’ app Klarna Bank AB this week revealed it has now served more than 7 million customers in the UK.
The Swedish bank and online financial service provider saw global volumes rise 32 per cent and revenue rise 31 per cent year on year.
Over the past 12 months a new Klarna order was made every 1.3 seconds and over 1.6 million UK customers have downloaded the Klarna app to date.
In the last 6 months of 2019, an average of over 88,000 new UK customers a week chose Klarna’s Pay later services at the checkout.
The bank currently operates with more than 5,000 merchants in the UK, including Asos, River Island, JD Sports, Gymshark, Made.com, Oliver Bonas, Boohoo Group, Missguided and Topshop.
Klarna is now Europe’s most valuable private tech company, valued at $5.5 billion in 2019.
“These landmark numbers are a testament to the enduring growth we have achieved, by offering customers newfound financial flexibility, enabling shoppers to get what they love, as well as remaining dedicated to our merchant partners across the country,” said Klarna UK general manager Luke Griffiths.
“The UK statistics are reflective of our global growth story, as we continue to pursue our mission to make shopping simple, safe and smooth, for both consumers and retailers.”
It hasn’t been all plain sailing for Klarna as last month the tech giant posted its first annual loss in its 15-year history despite revenues jumping by almost a third.
Klarns saw its profits plummet from SEK161 million (£12.8 million) in 2018 to a loss of SEK1.1 billion (£87 million) last year.
This was despite seeing a 31 per cent rise in revenues throughout 2019 to SEK7.2 billion (£570 million) and adding 75,000 new merchants to its platform.
The business attributed its first loss since it was founded in 2005 to increasing investment into its engineering hub in Berlin alongside a huge push into the US market.