Klarna acquires PriceRunner to strengthen banking offer for its 90m global consumers

STOCKHOLM, LONDON and NEW YORK, Nov. 2, 2021 /PRNewswire/ -- Klarna, a leading global retail bank today announces it has signed an agreement to acquire PriceRunner. PriceRunner will bring new features in the form of product reviews, rich product discovery and price comparisons to the Klarna app to enhance the shopping, payments and banking experience for consumers globally.

Klarna's seamless shopping experience from inspiration and product selection, to flexible payments and delivery, tracking and returns will be elevated by PriceRunner's daily price updates, reviews, professional tests and intelligent filtering options. This will enable a more engaging experience for Klarna's consumers. Klarna will add PriceRunner's functionality to its offering while Klarna's retail partners will benefit from enhanced behavior insight, increased website traffic from high intent consumers and optimized marketing opportunities to further drive their growth. 

David Fock, Klarna's Chief Product Officer commented: "At Klarna we constantly strive to make the banking and payments experience the best it can be, empowering consumers from product discovery to paying in a way that suits them. The acquisition will serve to strengthen our bank, card and payment services and support a competitive global landscape. It also further cements that Klarna will not be a marketplace but a viable and competitive alternative for retail partners vs Amazon, Google and Facebook. The PriceRunner team is a talented, passionate group, which will be a perfect fit and we are excited about what we can achieve together." 

Mikael Lindahl, PriceRunner's Chief Executive Officer commented: "We have spent the last five years rebuilding PriceRunner from scratch to create a best-in-class comparison shopping service while helping retail partners improve their business. We see Klarna as the ideal partner to accelerate growth and achieve our long-term vision to become the most loved comparison shopping service in the world."

The acquisition is subject to approval by regulatory authorities.

For additional information, please contact:

Aoife Houlihan, VP of Communications
Phone: +46 (0) 72855 8047
Email: [email protected]rna.com / [email protected]

About Klarna

We make shopping smooth. With Klarna consumers can buy now and pay later, so they can get what they love today. Klarna's offering to consumers and retailers include payments, social shopping, and personal finances. Over 250,000 retail partners, including H&M, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, Nike and AliExpress have enabled Klarna's innovative shopping experience online and in-store. Klarna is one of the most highly valued private fintechs globally with a valuation of $45.6 billion. Klarna was founded in 2005, has over 4,000 employees and is active in 17 countries. For more information, visit klarna.com.

About PriceRunner
 
PriceRunner is the leading comparison shopping service in the Nordic region. It has businesses in Sweden, Denmark, Norway and the United Kingdom and compares 3.4 million products from 22,500 retailers in 25 countries. During the 12-month period ending on Sep 30, 2021, PriceRunner had revenues amounting to SEK 460 million and an adjusted EBITDA margin of 52 per cent. PriceRunner employs more than 170 people in Sweden, Denmark and Norway. Every month, PriceRunner is used by millions of consumers to compare products, offers, attributes and to take part in professional product tests and user reviews of products and retailers. 
 
PriceRunner is independent of all manufacturers, brands and retailers. Our mission is to help consumers to find the right products and the best deals. Every month, millions of consumers find better products and save money by using PriceRunner's services. 

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SOURCE Klarna Bank AB (publ)