Buy now, pay later giant Klarna has confirmed a $1 billion funding round, valuing the Swedish firm at $31 billion.
The 4x oversubscribed round included a combination of new and existing investors and makes Klarna the highest-valued private fintech in Europe and the second highest worldwide.
The fresh capital injection comes just six month's after Klarna's last $650 million funding round, which gave it a $10.65 billion price tag.
The new capital comes as the BNPL sector experiences a worldwide boom. Klarna reports that worldwide volume and revenue for 2020 grew 46% and 40% year-on-year to more than $53 billion and $1 billion respectively.
The company says it intends to pledge one percent of the capital raised to a new initiative that addresses sustainability challenges around the world.
Sebastian Siemiatkowski, co-founder and CEO of Klarna, states: "I believe our industry has a responsibility to help in some way solve global sustainability issues and I hope others will join Klarna in our ambition."