Spend-centric, not lend-centric: 97% of Klarna's 2025 transactions were interest-free, so merchants pay most of the bill (merchant fees are about three-quarters of transaction and service revenue). A Swedish banking license funds those short loans cheaply ($11.7B of deposits, 88% of funding) and the book turns about 10 times a year. Payment processors like Stripe and J.P. Morgan Payments plus the Klarna Card (6.5M active users) widen the network, and in Q2 2026 revenue rose 27% to $1.042B while transaction margin grew 42% and operating profit turned positive at $27M.
Click any of the 9 blocks below for a plain-language story of how that part of the model works for Klarna — and how it connects to the others.
Static handout preview — use Downloads in the top bar for PDF, PNG, poster HTML, or the research brief. The interactive canvas above is the primary experience.
