Swedish buy now, pay later (BNPL) company Klarna on Monday (Aug. 23) announced that it has doubled its U.S. customer base since June 2020, reaching a whopping 20 million customers. The growth has been propelled in large part by the popularity of the Klarna app, which now has four million monthly active users in the U.S.
The Klarna app is an all-in-one shopping platform that allows customers to find new brands and purchase items from any online store as well as in-store. The app’s features include Collections (formerly “Wish Lists”), exclusive deals, price decrease notifications and a rewards program, among other offerings. Customers can opt to pay in installments without interest or fees.
Monday’s development comes on the heels of Klarna’s announcement last week that it is considering an IPO as soon as next year. The FinTech platform has not yet decided whether to offer new stock in its potential listing.
Klarna also recently announced the expansion of its BNPL offerings into Poland. The first collaboration would be with clothing merchant H&M, and Klarna expects to offer installment payment options at other Poland retailers in the future.
Earlier this year, Macy’s announced the option for customers to pay for their items in four equal monthly installments using the Klarna app or by creating a digital card. Macy’s also owns Bloomingdale’s and Blue Mercury. The Macy’s-Klarna collaboration enables customers of Macys.com, Bloomingdales.com and Bluemercury.com, as well as about 750 in-store locations throughout the U.S., to purchase goods in four no-interest payments.
Macy’s is not the only retailer partnering with Klarna. From June 2020 through July 2021, Klarna has seen its U.S. retail partnerships spike to 10,000, marking a 132 percent boost.