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Equity
It’s been a long time since we’ve seen such positive signals in fintech
Nov 8, 2023
Mary Ann and Alex discuss positive signs in fintech, including Klarna's solid growth and profitability. They also explore the recovery phase of fintech companies, recent developments in the BNPL industry, and the potential dangers of buy now pay later services. They reflect on the hangover and predictions for fintech in 2023, and discuss the lack of coverage on fintech startups closing down and the decline in M&A deals in the industry.
30:16
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Quick takeaways
- Klarna's Q3 results showcase its ability to bounce back and turn a profit, proving the resilience of the buy now pay later model despite concerns around valuation and consumer credit risks.
- Klarna's success in the US market highlights the demand and viability of the buy now pay later model, dispelling doubts about its relevance and potential.
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Klarna's Q3 Results: Resilience and Recovery
Klarna, a Swedish buy now pay later (BNPL) company, has bounced back from a significant valuation haircut it faced in July 2022. Despite a decline of over 80% in its valuation, Klarna's Q3 results show promising signs of recovery. The company reported a revenue of $549.9 million, a 30% increase, and achieved a positive operating result of $11.9 million, a significant improvement over the $192.6 million loss in the same quarter last year. With improved credit results, lower expenses, higher revenue, and increased gross merchandise volume, Klarna has demonstrated its resilience and ability to turn a profit, defying previous concerns surrounding BNPL models.
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