Klarna has forged an exclusive partnership with Walmart to become its primary provider of installment loans, enhancing the fintech startup's position in the U.S. market as it approaches its IPO. Customers will now have access to flexible repayment options through the consumer finance app One Pay, allowing them to purchase a wide range of products at Walmart and pay in installments over a period of three to 36 months. This collaboration also means that rival Affirm will be unable to continue offering buy-now-pay-later services at Walmart locations, positioning Klarna to capitalize on the substantial customer base of Walmart's 4,605 U.S. stores.
Klarna's exclusive partnership with Walmart positions it firmly in the growing buy-now-pay-later market, allowing customers to make flexible installment payments across thousands of products.
Sebastian Siemiatkowski labeled the collaboration with Walmart as a 'game changer', marking a significant milestone for Klarna's expansion as a leader in the fintech sector.
The partnership effectively ousts Affirm, limiting competition for Klarna in providing buy-now-pay-later services, vital as they strive for market dominance.
Klarna's model primarily relies on merchant fees and consumer charges, highlighting its financial strategy as it aims to cater to millions of Walmart shoppers.
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