The Swedish Buy Now, Pay Later (BNPL) firm announced that its net losses shrank to SKr1.3 billion in the first quarter and credit losses similarly decreased by over a third. Klarna’s revenues increased to SKr4.9 billion, by 13%.
,The firm expects to return to profit in August or September this year. Chief executive at Klarna, Sebastian Siemiatkowski commented: “We are on track to achieve profitability this year.”
,During 2022, Klarna’s valuation plummeted from $46 billion to $6.7 billion during the fintech softening, spurring a major company restructure. In February 2023, Klarna reported a $1 billion loss for 2022. However, the fintech’s break into the US market marked a upward trajectory for the company.
,The BNPL firm recently unveiled a AI-powered personal shopping tool for its consumers and partnered up with Airbnb to offer flexible payment options for guests in US and Canada.
