Swedish payments firm Klarna adds Germany's SOFORT for $150M
Stockholm, Sweden-based online payments company Klarna said it has purchased SOFORT. The acquisition deal is valued at $150 million, according to a report by AllThingsD.
The deal makes Klarna one of Europe's biggest independent payments alternative. The firm offers payment solutions including a single-click purchase option for online storefronts in Europe. Last year, the company made $200 million in revenue. At present, Klarna has 15 million users and 15,000 merchants in Norway, Sweden, Finland, Denmark, Austria, Germany, and the Netherlands, the report detailed.
SOFORT is a major player in Germany's payments arena. The transaction gives Klarna a major advantage in the country. SOFORT has 25,000 online shops in Germany, Austria, Italy, Switzerland, Belgium, Poland, the Netherlands, and the UK, the report stated.
Venture capitalist Mike Mortiz of Sequoia Capital sits on Klarna's board. The Swedish payments company is backed with $250 million in funding from the said venture firm, DST, and General Atlantic, wrote AllThingsD.