STOCKHOLM - Swedish "buy now, pay later" provider Klarna announced a significant leap in fourth-quarter revenue, marking its first time crossing the billion-dollar threshold. The fintech group reported $1.08 billion in quarterly sales, a 38% year-on-year increase that narrowly surpassed analyst expectations.
Klarna’s banking services saw remarkable growth, with user numbers doubling to 15.8 million. CEO Sebastian Siemiatkowski highlighted the company's success in building a global payments network and fostering genuine banking relationships.
The company attributes its operational efficiencies, including workforce adjustments despite expansion, to the early adoption of artificial intelligence. Siemiatkowski noted that AI has enabled increased employee compensation, with average compensation rising 60% since 2022. He anticipates that future roles will increasingly focus on human interaction with merchants and consumers.
Gross merchandise volume (GMV) climbed 32% to $38.7 billion for the quarter. The United States, Klarna's largest market, demonstrated robust performance with GMV growth of 43% and revenue up 58%. Klarna is scheduled to release its full earnings report on February 26.