Swedish fintech Klarna secures $800 million in funding

Sweden-based fintech platform, Klarna, has announced its new fundraise of $800 million, however with an 85% fall in its market valuation.

• The fund will be invested in expanding its market base in the United States, the fintech firm claims.
• It attributes its valuation fall to a host of factors including the high inflation, rising interest rate, the COVID-19 effects, and the disruptions of supply chains spurred by the war in Ukraine.
• Klarna seems to be in a struggling phase as it laid off 10% of its 5,000 employees in May, now followed by a fall in its valuation.
• Founded in 2005, The company evolved from helping people shop online to safe tech payments spanning 145 million active consumers in over 400,000 merchants in 45 countries.