Klarna is continuing its acquisition spree with the buy out of Nordic price comparison service PriceRunner.
PriceRunner will bring new features in the form of product reviews, product discovery and price comparisons to the Klarna app, while providing merchant partners with behavioural insights and marketing opportunities to increase Website traffic.
With businesses in Sweden, Denmark, Norway and the United Kingdom, PriceRunner compares 3.4 million products from 22,500 retailers in 25 countries. During the 12-month period ending on Sep 30, 2021, the firm had revenues amounting to SEK460 million and an adjusted EBITDA margin of 52%.
The acquisition is part of an attempt by Klarna to embed itself into all aspects of the consumer shopping journey, from inspiration and product selection, to flexible payments and delivery, tracking and returns. Since its $639 million fund raise in June, the BNPL firm has acquired social shopping outfit Hero, German shopping app Stocard, influence marketing provider APPRL, and travel planner Inspirock.
David Fock, Klarna’s chief product officer comments: “At Klarna we constantly strive to make the banking and payments experience the best it can be, empowering consumers from product discovery to paying in a way that suits them. The acquisition will serve to strengthen our bank, card and payment services and support a competitive global landscape. It also further cements that Klarna will not be a marketplace but a viable and competitive alternative for retail partners vs Amazon, Google and Facebook.”
The acquisition is subject to approval by regulatory authorities. Terms of the transaction were not disclosed.