Klarna hits record 20 million US customers as demand for flexible payment options soars
Klarna's shopping app reaches 4 million monthly active users and industry-leading daily downloads
23 Aug, 2021, 09:37 ET
NEW YORK, Aug. 23, 2021 /PRNewswire/ -- Klarna, the leading global retail bank, payments and shopping service, today announced it has doubled its US customer base since June 2020, reaching a record 20 million customers. The company's growth is further highlighted by accelerated momentum of the Klarna app, which now maintains 4 million monthly active US users as daily downloads surpass the closest competitor by 20%, according to App Annie.
Klarna's more transparent, convenient, and consumer-friendly payment alternatives put shoppers in control as they shift away from interest- and fee-laden revolving credit lines. Positioned at the intersection of banking and retail, Klarna appeals to budget-conscious consumers who desire flexible payment solutions and user-friendly, interactive features.
The Klarna app is an all-in-one shopping platform that allows consumers to discover new brands and shop at any online store as well as in-store at leading retail brands, with features including shareable and shoppable Collections (formerly "Wish Lists"), exclusive deals, price drop notifications, a no-fee rewards program, and try-before-you-buy convenience—all with the option to pay over time with zero interest or fees.
"The rapid growth of Klarna customers in the US speaks to consumer demand for flexible payment options and a more seamless, convenient shopping experience," said David Sykes, Head of North America, Klarna.
"As people browse and buy across channels, the Klarna app allows them to discover new products and brands while having the ability to shop both in-store and online with interest-free payment options. In the year ahead, we will continue to expand our US merchant base, offering greater opportunities for customer acquisition and engagement."
Klarna's no-fee, personalized rewards club Vibe allows consumers who make purchases through the Klarna app to earn redeemable Vibe dollars. This program has also grown to more than 1.8 million members since launching in June 2020. To date, Vibe members have claimed nearly $2.8 million in gift cards to use at their favorite stores, including Amazon.com, Sephora, H&M, and Target. Collections also continues to be one of the Klarna app's most popular features, with US users adding more than 8 million items to their Collections to date.
In addition to swiftly reaching consumer milestones, Klarna continues to serve as a growth engine for merchant partners, seeing its overall US retail partnerships surge to 10,000 as of July 2021, a 132% increase since June 2020, out of a growing network of more than 250,000 retail partners globally. Through Klarna, retailers benefit from attracting and retaining customers through the company's co-marketing initiatives and content platforms.
Klarna is the partner of choice for 24 of the top 100 retailers in the US, with several renowned brands joining Klarna's US network in recent months including Petco, Yoox Net-a-Porter, Charlotte Tilbury, Moncler, Bed Bath & Beyond, Dickies, Prabal Gurung, The Honest Company, Mr Porter, Olaplex, and Authentic Brands Group. Klarna also continues to expand its existing relationships with retailers including Pandora, Ralph Lauren and Calvin Klein, and is seeing tremendous growth of its physical retail footprint with Klarna payment options now available across more than 78,000 brick-and-mortar stores globally.
Over the past year, Klarna has significantly built out its retailer support offering, which now includes a Comparison Shopping Service; an AI-driven styling engine and content creation platform; and recent additions of HERO, a world leader in virtual shopping; and most recently APPRL, an influencer marketing platform allowing retailers to connect directly to relevant content creators and track campaign results through 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.
Brendan P. Lewis
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SOURCE Klarna Bank AB (publ)
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