Klarna has added over one million new consumers in the U.S. since the start of summer 2020. The buy-now-pay-later payment provider now has nine million customers in the country.
The company's U.S. retail partnerships have grown by more than 158 percent year over year, with a gross merchandise volume amounting to 22 billion dollars in the first half of 2020. Klarna's growth reflects an increased consumer demand for its service, which allows shoppers to purchase their products and pay later via interest-free installments.
“Klarna has been well positioned to meet the challenges and evolving consumer needs in an uncertain marketplace over the last several months, as reflected by our global volume growth of more than 44 percent,” David Sykes, the company's head of U.S., commented in a statement.
The alternative payment solution is very attractive to consumers during economic uncertainty that has come with the COVID-19 pandemic. Klarna's growth has likely been bolstered by an increased need for financial flexibility, however the company has launched several new initiatives over the past three months that may account for its rapid growth in consumers.
Klarna launches virtual events, loyalty program, shopping app and more
The alternative payment solutions provider has achieved its recent milestone after a series of new partnerships and initiatives aimed at stimulating customer engagement over the past few months. Since June, Klarna has launched a new mobile shopping app, commenced its new "Vibe" loyalty prgoram, created an shoppable and shareable wish list feature, teamed with Nintedo to offer a virtual shopping experience in the Animal Crossing game and hosted its first "Klarnival" online shopping festival.
Photo Credit: Klarna