Swedish Klarna gears up in the UK
"What CBRF have achieved to date in the UK is impressive but together we can invest in realizing the full potential of the business”, said Michael Rouse, chief commercial officer at Klarna.
The Swedish payment provider Klarna, with the mission to remove friction and hassle from online shopping, is expanding. In mid-September, the ‘smooth’ payment provider announced that their next endeavor is to acquire Close Brother Retail Finance (CBRF), a leader in retail financing both online and in-store.
Klarna announce on their website that this strategic move will strengthen their position in the UK by accelerating growth and expansion of the consumer offering.
“Klarna is happy to announce that Close Brothers Retail Finance (CBRF) will become part of the Klarna Group. CBRF is not only a leader in retail financing in the UK for online and in-store but most importantly, one of the smooothest. Welcome CBRF team!” announced @Klarna at Twitter.
Klarna is happy to announce that Close Brothers Retail Finance (CBRF) will become part of the Klarna Group. CBRF are not only a leader in retail financing in the UK for online and in-store but most importantly, one of the smooothest. Welcome CBRF team! 🌟 https://t.co/AAOHX12ADi
— Klarna (@Klarna) 14 september 2018
Klarna expressed excitement in welcoming CBRF to the group. “…the complementary talents and propositions will help accelerate Klarna’s leadership in the payments market. What CBRF have achieved to date in the UK is impressive but together we can invest in realizing the full potential of the business.”, said Michael Rouse, chief commercial officer at Klarna.
CBRF was founded in 2014 and is a provider of omnichannel retail finance. The firm expressed that they see a strategic fit in mission and culture of the two firms. “We are thrilled to join an industry leader like Klarna and believe this is a great strategic fit rooted in a shared mission and culture” stated, Alex Marsh, managing director CBRF.
Yet, the acquisition is awaiting approval by the Swedish Financial Supervisory Authority.
Treasury at Klarna
A company facing accelerated growth, operating in a fast-moving environment place treasury funding in a key position. Klarna is regulated by the SFSA meaning that a person in this position must understand the regulatory framework most institutions within the financial sector operate under.