Buy now, pay later firm Klarna swings to first-half profit ahead of IPO

Published On Aug 27, 2024, 11:49 AM

Klarna, a prominent player in the buy-now-pay-later sector, has reported a substantial shift to profitability, with an adjusted operating profit of 673 million Swedish krona ($66.1 million) for the first half of 2024, compared to a loss of 456 million krona a year prior. The company attributes this success to strong revenue growth, particularly in the U.S. where sales rose 38%, and effective cost management through AI. As Klarna approaches a much-anticipated IPO, it is diversifying its offerings, including launching new banking products aimed at integrating more consumer financial activities into its platform.