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Klarna CEO snaps up Trump's offer

Klarna CEO Sebastian Siemiatkowski says that the payment service is ready to take on the challenge from incoming President Donald Trump and make a multi-billion investment in the USA if the authorities there speed up the licensing process. We want to become a bank in the USA, says Siemiatkowski in an interview with Bloomberg TV.

» Published: 13 December 2024

Klarna CEO snaps up Trump's offer
Photo: Magnus Lejhall/TT

He adds that Klarna, which already has a banking license in the EU, would more than gladly accept the incoming US President Donald Trump's offer of a fast track for license reviews in exchange for a commitment to invest 1 billion dollars (equivalent to 11 billion kronor) in the American market.

Trump lures with permits

The statement refers to a post on the social network Truth Social, which Trump made earlier in the week. In it, the incoming US President writes:

"All persons or companies that invest ONE BILLION DOLLAR, OR MORE in the USA will receive fully expedited approvals and permits, including, but not limited to, all environmental permits. GET READY TO ROCK!!!"

Klarna, which with 85 million customers globally is aiming for a stock exchange listing, submitted a preliminary application for registration of the company's shares on Wall Street to the US financial supervisory authority SEC in November.

The company already has operations in the USA, where revenue increased by 33 percent in the third quarter and a large proportion of major retailers have now entered into partnerships with Klarna.

Collaboration with Apple and Google

In the Bloomberg interview, Siemiatkowski says that the company can challenge credit card giants Visa and Mastercard with a more consumer-friendly and interest-free product range for American consumers.

Klarna has recently launched a collaboration with Apple Pay and will soon launch a similar collaboration with Google Pay in the USA.

According to Bloomberg, analysts estimate Klarna's potential market value to be around 14.6 billion dollars (approximately 160 billion kronor). This can be compared to a valuation of 6.7 billion in connection with a financing round in 2022 and 45.6 billion in 2021.

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By TTThis article has been altered and translated by Sweden Herald

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