Klarna has acquired the Italian buy now, pay later startup Moneymour and established a new product development hub in MIlan.
Moneymour was founded in 2017 and enables consumers to split their purchases into monthly instalments based on an instant credit assessment that uses balance and transaction data from Open Banking feeds in the credit scoring algorithm.
Under the deal, Klarna has taken over the intellectual property rights to Moneymour's scoring engine and intends to adopt it across its own markets. The entire Moneymour team will join Klarna at its new technology hub.
Koen Köppen, CTO at Klarna, says: “The talented team has developed an interesting offering for the Italian market, and with their knowledge and expertise we can further strengthen our underwriting capabilities in the market. Under the Klarna umbrella, we will together further develop the proposition and scale this across markets."
The transaction is expected to be completed in Q1 2020 and Moneymour’s operations will be integrated into Klarna.