Klarna onboards new UK partners for its retail financing solution

Klarna onboards new UK partners for its retail financing solution

Why limit getting in debt quickly only to the Arcadia Group shoppers? Payments provider Klarna onboards a raft of partners for its retail financing solution.

These include Shopify, Worldpay, BigCommerce and CyberSource – they “will now be able to make financing easily available to millions of British consumers through their network of online merchants”.

The announcement follows Klarna’s earlier tie-up with Arcadia Group and its brands (Topshop and Miss Selfridge).

Klarna’s process requires filling out a few fields of information online (without being redirected away from the online store) and lets consumers know instantly if they qualify for the financing solution. The vendor says the solution “helps retailers and merchants of all sizes counteract the dropped basket effect, boosting retention, loyalty and sales”.

According to Klarna’s recent research, 67% of UK shoppers abandon their shopping basket online, which equates to an average loss of £37,062 per UK retailer each year.

The solution is also being rolled out outside the UK. In the US, for instance, this offering is available with shoes.com.

Klarna emphasises it “ensures legal compliance across all markets”.

Set up in 2005, Klarna now has 65,000 merchants on its customer list, 1,500 staff and operations in 18 countries across Europe and North America.