Klarna has announced an exclusive partnership with Walmart to provide buy now, pay later loans, taking over from Affirm, which previously held this position. This strategic move is significant for Klarna as it gears up for its IPO filing. Klarna's financial rebound is notable, reporting a net profit of $21 million in 2024 after a substantial loss in 2023. Affirm, in contrast, focuses more heavily on U.S. entities and has recently achieved impressive financial results. Klarna's global outreach ambitions are clear, as it aims to solidify its market presence in the competitive fintech landscape.
Last September, Affirm CEO Max Levchin stated that he wanted to differentiate Affirm from competitors like Klarna by focusing on earning revenue from individual transactions instead of marketing.
Klarna's expansion into the U.S. market illustrates its ambition to compete with Affirm, allowing consumers greater flexibility in payments through partnerships with major retailers.
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