Swedish FinTech unicorn Klarna is cementing its hold of the UK market even more with new partnership.
From fashion giants like H&M and boohoo to home shopping platform Wayfair and electronics company Samsung Electronics, this year has seen Klarna form new and strengthen existing partnerships in Britain.
Now Klarna is at it again, announcing that it has extended its partnership with ASOS, the British fashion company.
The deal will enable UK ASOS customers to pay for their products in three monthly instalments, completely interest and fee-free. This will add to the existing option of Pay later in 30 days, which was first introduced in 2017.
Luke Griffiths, general manager at Klarna UK, commented, “Our relationship with ASOS is built on a shared commitment to create the best shopping experience possible, by empowering customers with choice and flexibility. Following Pay in 4’s success in the US, we’re excited to expand our relationship with ASOS to bring the best fee-free shopping experience to even more fashion lovers across the UK.”
Eve Williams, brand director at ASOS, added, “At ASOS we want to give our customers the best choice in everything we do; whether that is in the broad range of ASOS Design and branded products, smooth and fast delivery or payment options. We know these are all important to our customers – the addition of Klarna Pay in 3 in the UK will help provide the best experience for our customers.”
The news comes on the back of Klarna coming into conflict with the Swedish government after the country’s minister for financial markets Per Bolund published a law proposal that would change online shopping in Sweden.
The proposal would prohibit buying things on credit from being a pre-selected option on e-commerce sites.
Klarna has referred to the proposal as a “significant intrusion into Swedish companies’ right to act freely”.
The company was valued at $5.5bn earlier this summer, making it Europe’s most valuable FinTech company, after raising a $460m equity round.
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