Klarna lands $20 million investment from H&M

Klarna lands $20 million investment from H&M

Fashion chain H&M has invested $20 million in Swedish checkout credit outfit Klarna.

The deal with H&M plugs Klarna's technology platform into a global fashion chain encompassing 4700 physical stores and online shop fronts.

This will include instore, mobile and online payments, simplified deliveries and returns and the flexibility to decide how and when to pay including Klarna's ‘try before you buy’ Pay later service, delivered through the H&M mobile app and loyalty programme.

The UK and Sweden are in the first phase of 14 H&M markets to go live with the service early next year.

Founded in Stockholm in 2005, Klarna gives online consumers the option to apply for financing at the checkouts of up to 90,000 merchant partners.

Last month the company acquired the retail financing arm of merchant bank Close Brothers to strengthen its position in the UK market.

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