Visa and Klarna announced they have reached an agreement for Visa to invest in Klarna, and intend to develop a future strategic partnership.
The equity investment and planned partnership demonstrate Visa and Klarna’s shared vision to accelerate online and mobile commerce for the benefit of consumers and merchants across Europe.
Visa’s planned investment is part of a global strategy to open up the Visa ecosystem and support a broad range of new partners who are helping to redefine and enhance the purchase experience for millions of consumers globally. Klarna develops products that address changing consumer preferences, giving them the flexibility and seamless experience they expect when shopping.
“Klarna has demonstrated an expertise in consumer credit and online purchasing and together, we share a vision for how today’s online and mobile commerce experiences can be as simple as they are in the real world,” said Jim McCarthy, executive vice president, innovation and strategic partnerships, Visa Inc.
“Visa is committed to partnering with a new generation of partners and payment providers to bring secure, online commerce to many more consumers in Europe. We look forward to working more closely with Klarna to accomplish this.”
According to Forrester, Europe is expected to see double-digit growth in online sales in the coming years. By 2021, the growth in the number of connected devices and improvements in mobile connectivity will drive online sales to reach 12 percent of the region’s total retail sales.
Additionally, online retail sales are expected to grow at an average rate of 12% per year over the next five years in Western Europe.