Klarna, a Stockholm, Sweden-based payments providers and a newly-licensed bank, received a $20m investment from fashion giant H&M.
The two companies also entered into a global partnership to further integrate H&M’s digital and physical stores to give customers a personalized and engaging shopping experience no matter where, when and how they shop. This partnership aims to improve the H&M customer experience across all touchpoints by powering the H&M Club payment program, providing an enhanced omni-channel customer payment offering, a streamlined post-purchase service in the H&M app and many other services.
Klarna’s technological platform will enable an improved end-to-end customer journey across all H&M channels. This will include instore, mobile and online payments, simplified deliveries and returns and the flexibility to decide how and when to pay including the “try before you buy” Pay later service. All of these will be integrated into the H&M app and H&M Club, resulting in an improved experience for millions of customers across 14 H&M markets, with the UK and Sweden in the first phase, expected to go live in 2019.
Founded in 2005 by Sebastian Siemiatkowski, CEO, Klarna is a payments provider and a newly-licensed bank, which gives online consumers the option to pay now, pay later or over time – offering a simple and safe checkout experience.
Backed by investors such as Sequoia Capital, Bestseller Group, Atomico, VISA and Permira, the company now works with 90,000 merchants, including ASOS, Adidas, Arcadia Group and IKEA. It has 2,000 employees and is active in 14 countries.
Founded in Sweden in 1947 and quoted on Nasdaq Stockholm, H & M Hennes & Mauritz AB operates H&M, COS, Monki, Weekday, Cheap Monday, & Other Stories, H&M HOME and ARKET as well as Afound. The group has 47 online markets and more than 4,800 stores in 70 markets including franchise markets. In 2017, sales including VAT were SEK 232 billion. The number of employees amounts to more than 171,000.
FinSMEs
09/10/2018