Visa to buy a stake in Swedish payment company Klarna Bank for an undisclosed sum. This is probably part of the new emission of 500 MSEK that was needed to finance the buying of German Billpay for 650 MSEK earlier this year. Visa has recently invested in iZettle competitor Square, Stripe and LoopPay.
Klarna received a banking license on June 19 and will now start offer banking products, where first two will be cards payments (I bet now with a Visa logo on) and saving accounts.
Klarna was from start a challenger to card payments and this move seems to be a change in strategy. Could also be that paying Klarna debts via a card account is a better alternative for some markets, though US & UK consumers for example “are not as good” as consumers in Nordics and Germany in paying invoice bills.
Read more here.
Picture: Klarna Bank new logo?