As rivals pull out of Europe, BNPL giant Klarna is reporting strong uptake across the continent, with the value of goods sold through the platform soaring.
With some BNPL providers - including Clearpay and Zip - leaving the market due to challenging economic conditions, Klarna says that its investment is paying off.
In the second quarter, GMV (the value of goods sold through Klarna) was up 14% across Europe, year-on-year. In the UK it rose 26%.
Klarna has amassed 100 million European consumers and has partnered with over 470,000 merchants. The firm has another 18 million customers and 31,000 merchants in the UK.
"While other, smaller players dial back their commitment or leave the region altogether, we’re doubling down, further strengthening our position in Europe, as well as the US,” says Sebastian Siemiatkowski, CEO, Klarna.
The positive momentum comes after Klarna reported in May that it is on track to return to profit before the end of 2023 after halving its Q1 losses.