Buy-Now, Pay-Later Giant Klarna raises $639 million

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Klarna, a Swedish payments company with a big name in online retail, has raised $639 million in a funding round led by Tiger Global Management, the private equity firm. The round brings the company’s total raised to $1.8 billion since the firm was founded in 2006. It was the biggest round of fundraising for a Swedish tech company ever.

Swedish e-commerce giant Klarna wants to revolutionize the way you pay. It’s already the biggest company on the continent, with over $7 billion in revenue last year, and it’s now aiming to further expand its empire. Yesterday, the company announced it’s raised over $639 million in a series of funding rounds, led by unicorn investment firm Tiger Global Management. That’s a pretty impressive sum, which will help it go after a number of its rivals, including startups like Shopify Payments, which had raised over $160 million in funding when it was acquired by PayPal last year.

After raising a staggering $639 million in its latest funding round, Sweden’s Klarna has set its sights on becoming a global giant in online payments. This week Klarna announced that it plans to launch a service that will allow users to pay for things like clothing and groceries with cryptocurrency. The service, which will be called Klarna Wallet, will be fully integrated with bitcoin and allow users to pay for everyday items with their virtual wallet.