The following is an excerpt from today’s Global Newsletter.
Your feel-good Friday news comes to us from Klarna this week.
The Swedish BNPL behemoth appears to be delivering on its promise from 2022 to return to profitability by the end of 2023.
After a series of outsized investments, the company’s financials were bathed in red ink, but the winds are shifting based on their latest reporting.
“The company posted a net loss of 1.3 billion Swedish krona ($120.7 million), down 50% from the 2.6 billion krona loss in the same period a year ago,” CNBC reported. “Klarna reported total net operating income of 5 billion Swedish krona, up 22% year-over-year.”
They also shared that they now have over 150 million customers and are pushing AI into their recommendation algorithm.
While it seems counter-intuitive to celebrate the reporting of a net loss, it’s important to recognize the momentum.
For those enjoying the long weekend with us, we’ll see you Tuesday.
From Fintech Nexus
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