Klarna valuation slashed to $6.7 billion from $45.6 billion in new funding round

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Klarna Bank AB said Monday it has raised $800 million in financing at a valuation of $6.7 billion. The Swedish buy-now-pay-later payments provider said it has not been immune to the downturn in markets that has led its peers to fall 80% to 90% from their peak valuations, “and consequently the adjustment in Klarna’s valuation is on par with its public peers from its $45.6bn valuation in June 2021,” it said in a statement. The new funds were provided by existing investors, including Sequoia, the founders, Bestseller, Silver Lake, and Commonwealth Bank of Australia. New investors joining the round include Mubadala Investment Company, the $284 billion sovereign fund of the UAE, and Canada Pension Plan Investment Board, the fund that manages more than C$539 billion ($414.2 billion). “The shift in Klarna’s valuation is entirely due to investors suddenly voting in the opposite manner to the way they voted for the past few years,” said Michael Moritz, partner at Sequoia.

This article was originally published by Marketwatch.com. Read the original article here.

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