Digital Transactions Authoritative, insightful and timely information for payments professionals
Financial technology platform provider Adyen NV late Monday announced it will become the acquiring bank for global payments platform Klarna AB next year for markets in North America, Europe, and Asia.
The deal expands the companies’ more than decade-old partnership through which Adyen offers Klarna’s payment options to consumers, including Klarna’s buy now, pay later option. The move also represents the first time in Adyen’s history that it has played the role of an acquirer, the entity responsible for funding and processing transactions for client merchants.
The deal is expected to help Klarna simplify card payments for Klarna’s 150 million consumers and 500,000 retail partners globally, including H&M, Saks, Sephora, Macy’s, Ikea, Expedia Group, Nike, and Airbnb. The move is expected to free up Klarna to focus on its shopping technology worldwide, according to the two companies. Klarna, which has harnessed artificial intelligence capability for its payments offerings, is also well-known for its shopping assistant. The company has said it processes 2 million transactions daily.
Adyen did not respond to queries from Digital Transactions News, and Klarna could not be reached for comment.
The two companies have a long history of working together, with Adyen having included Klarna’s payments services in its offerings to merchants for more than a decade. The new relationship is expected to streamline Klarna’s payments services across its merchant base in the affected regions, the companies say.
“Klarna has, in many ways, revolutionized the digital-shopping experience. I am proud to say we are now joining forces in a partnership set out to simplify payments and shopping in our respective areas of expertise,” Pieter van der Does, cofounder and co-CEO of Adyen, says in a statement. “Adyen’s financial technology platform combined with Klarna’s various consumer offerings will raise the standard of payments and consumer experiences worldwide.”
Klarna, based in Stockholm, maintains a U.S. headquarters in Columbus, Ohio. It debuted in the United States in 2015 with its buy now, pay later product. Adyen’s global headquarters are in Amsterdam, while the company has a U.S. office in San Francisco.
