Klarna

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.

Business Model Canvas

Klarna

Research date: Oct 7, 2026

Evidence-backed · sources in companion brief

Key Partners

J.P. Morgan Payments, Stripe, Nexi — live default-on (FACT).
Adyen, Clover, Worldline, Worldpay — coming in H2'26 (FACT).
Visa (Klarna Card), WebBank (U.S. loans), AWS (FACT).
Apple Upgrade program; Google Pay + Gemini; ChatGPT (FACT).
Forward-flow loan buyers — $1.6B sold in 2025 (FACT).

Key Activities

Underwrite every purchase in real time (FACT).
~3.4M transactions per day in 2025 (FACT).
Book turns ~10× a year (FACT).
Sell Fair Financing loans via forward flows (FACT).
Build app, Card, Memberships, ads (FACT).

Key Resources

Swedish bank license; deposits in 14 countries (FACT).
$11.7B deposits = 88% of funding (FACT).
120M active consumers (FACT).
1,208K merchants (FACT).
~2,831 employees at end-2025 (FACT).

Value Propositions

Pay in Full, Pay Later, Fair Financing (FACT).
97% of 2025 transactions interest-free (FACT).
No revolving credit (FACT claim).
Merchants — conversion, basket size, loyalty (FACT claim).

Customer Relationships

~46M monthly app users in 2025 (FACT).
Klarna Card — 6.5M active users (FACT).
Memberships — 2M paying subscribers (FACT).
ARPAC $33.7, +24% (FACT).

Channels

Merchant checkout, online and in-store (FACT).
PSP default-on — J.P. Morgan, Stripe, Nexi (FACT).
Klarna app + Klarna Card (FACT).
Apple Pay, Google Pay, Gemini, ChatGPT (FACT).
U.S. = 22% of GMV, fastest-growing large region (FACT).

Customer Segments

120M active consumers in 26 countries (FACT).
~1.2M merchants; no one >10% of GMV (FACT).
Germany largest by volume; U.S. fastest-growing (FACT).
Advertisers reaching high-intent shoppers (FACT).

Cost Structure

Processing & servicing $233M (FACT).
Credit losses $192M, 0.52% of GMV (FACT).
Funding $171M, 0.47% of GMV (FACT).
Tech & product $130M (FACT).
Sales & marketing $128M (FACT).
FY2025 operating loss $230M (FACT).

Revenue Streams

Transaction & service $707M (Q2'26, FACT).
Interest income $266M (FACT).
Gain on loan sales $69M (FACT).
Advertising $190M in 2025 (FACT).
Take rate 2.84% of GMV (FACT).

Sources: sec.gov/Archives/edgar · sec.gov/Archives/edgar · sec.gov/Archives/edgar