Quarterly net revenue of Klarna 2011-2023, in domestic currency and USD

Klarna’s operating revenue increased by almost 600 million Swedish kronor between Q2 2023 and Q3 2022, continuing its recovery from late 2022. Klarna, officially called Klarna Bank AB, is mainly known for its digital payment solutions — especially Buy Now, Pay Later (BNPL). While the revenues were increasing in Swedish currency, the company did become less profitable as time passed.

Online payment in Sweden

Klarna was one of several online payment services that saw its use increase over the years. The Local online payment solution Swish was used by a constantly growing share of respondents from 2014 to 2019. Swish was the leading online payment service in the country since 2015 and has been followed by Klarna. PayPal, otherwise largely accepted globally, was used by only one out of three Swedish respondents in 2019.

FinTech funding

With the technological development, the use of smartphones for banking, investing and borrowing services has increased and more and more FinTech companies have been founded. Most of the Fintech companies with a large amount of funding in the Nordic region were Swedish, as of May 2019. Klarna topped the ranking with close to 700 million euros funding, followed by iZettle and Bima Mobile – Milvik.