NEW YORK, Nov. 4, 2021 /PRNewswire/ -- Klarna, a leading global retail bank, payments and shopping service, today announced an expansion of its partnership with ContextLogic Inc. (d/b/a Wish) (NASDAQ: WISH), one of the world's largest mobile e-commerce platforms. The partnership, which will initially allow flexible payment options to consumers in the US, is part of a broader drive by Wish to expand 'Buy Now, Pay Later' (BNPL) offerings to its users across its platform.
Through the partnership, Wish users in the US will be able to split the cost of their purchase over four interest-free payments through Klarna's Pay in 4 solution. Users are required to pay the first 25% of the transaction at checkout, while the remaining three payments are automatically collected every two weeks.
Klarna's Pay in 4 solution gives Wish users a greater level of choice and flexibility. Klarna and Wish will deepen their partnership in 2022, rolling out alternative payment options to additional users in the EU, including in Italy, Spain and France, and in the UK, Australia and Canada, among other countries.
"We're thrilled to expand our longstanding partnership with Klarna to give our US customers a greater level of freedom to shop and pay for their items when and how they want," said Tarun Jain, Chief Product Officer at Wish. "This partnership furthers our mission to bring an affordable, accessible and entertaining shopping experience to millions of our customers around the world."
One of the largest e-commerce marketplaces in the world, Wish has 90 million monthly active users in more than 100 countries, and partners with 550,000 merchants across the globe. The company offers a discovery-based mobile shopping experience through a curated product feed that is personalized for each shopper.
"Our Pay in 4 solution is all about giving consumers more financial flexibility and control over their spending, so this partnership will come as welcome news to Wish shoppers," said David Sykes, Head of North America at Klarna. "We're excited to deepen our relationship with Wish in the US to offer even more customers a frictionless way to shop online."
Klarna and Wish initiated their partnership in Europe in 2014, with the introduction of a variety of Klarna's flexible payment options across six European countries, including the UK, Germany, and the Netherlands.
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.
Wish brings an affordable and entertaining shopping experience to millions of consumers around the world. Since our founding in San Franciscoin 2010, we have become one of the largest global ecommerce platforms, connecting millions of value-conscious consumers in over 100 countries to over half a million merchants globally. Wish combines technology and data science capabilities and an innovative discovery-based mobile shopping experience to create a highly visual, entertaining, and personalized shopping experience for its users. For more information about the company or to download the Wish mobile app, visit www.wish.comor follow @Wish on Facebook, Instagramand TikTokor @WishShopping on Twitterand YouTube.
This news release contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding Wish's outlook, priorities, strategic direction, expectations regarding partnerships, and growth opportunities. In some cases, forward-looking statements can be identified by terms such as "anticipates," "believes," "could," "estimates," "expects," "guidance," "intends," "may," "outlook," "plans," "potential," "predicts," "projects," "seeks," "should," "will," "would" or similar expressions and the negatives of those terms. These forward-looking statements are subject to risks, uncertainties, and assumptions. If the risks materialize or assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Further information on these and additional risks that could affect Wish's results is included in its filings with the Securities and Exchange Commission ("SEC"), including its Annual Report for 2020 on Form 10-K filed on March 25, 2021 and its Form 10-Q for the second quarter of 2021 filed on August 12, 2021, and future reports that Wish may file with the SEC from time to time, which could cause actual results to vary from expectations. Any forward-looking statement made by Wish in this news release speaks only as of the day on which Wish makes it. Wish assumes no obligation to, and does not currently intend to, update any such forward-looking statements after the date of this release.
Carys Comerford-Green, Wish
Shira Rimini, Klarna
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