Klarna Acquires Stocart to Expand Its Growth Across Europe

Fintech firm Klarna has reportedly acquired the German shopping application Stocart, as the firm is fast expanding to various regions of Europe. 

The deal is supposed to have happened for €110 million. Over the past few months, Klarna has witnessed aggressive growth and has recently received investments from the Chinese investment giant Ant Financial. It has been using these new funds to acquire companies and potential competitors in this space to help its growth across Europe.

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Klarna is also into the BNPL (buy now pay later) business but with this space seeing a lot of competition in the coming months, due to the entry of majors like Apple and Paypal, Klarna is likely to focus on shopping and e-commerce in the coming years.

Stocart reports to be having more than 60 million users across the various countries in Europe and this acquisition should help both Klarna and Ant Financial a great deal in pushing their brands across the region. 

Fazzaco reported that in the middle of Jun, Klarna confirmed a new equity funding of USD 639 million​. The round was led by SoftBank's Vision Fund 21, with additional participation from existing investors Adit Ventures, Honeycomb Asset Management and WestCap Group, to support international expansion and further capture global retail growth.