A key fintech alliance
Today, Klarna and Stripe announced a promising partnership which could significantly accelerate the growth of the “Buy Now Pay Later” (BNPL) market.
Retailers using Stripe can now integrate Klarna’s payment methods in countries where Klarna is available.
This is significant because both companies are leaders in their respective fields. Since its inception in 2005, BNPL provider Klarna has built significant brand awareness and a very solid base (90 million consumers; 2 million transactions per day as per data supplied by the company). On the other hand, Stripe has become a true payment processing heavyweight. The company states on its website its API requests total at least 250 million per day and that 90% of adults in the United States have bought products and services from merchants that use the platform. Stripe has also expanded to many countries as it supports more than 135 currencies.
Will Gaybrick, Chief Product Officer at Stripe commented: “We’re thrilled to partner with Klarna so millions of businesses on Stripe globally can offer increased payment flexibility. Klarna’s payment options are a powerful tool for online businesses to attract more customers, boost conversion rates, increase basket sizes, and thus grow their revenue.”
At the risk of repeating myself, that’s potentially a powerful combination…