Klarna's valuation drops to $15 billion
Swedish payments company Klarna Bank AB intends to raise less capital than previously planned and at a much lower valuation of $15 billion.
The Stockholm-based company is currently in talks with investors to raise new funds totaling at least $500 million, which is half the amount previously planned to raise up to $1 billion.
Raising the financing would value the buy-now-pay-now (BNPL) company at about $15 billion, well below the $46 billion valuation in the funding round 12 months ago and the $30 billion mark discussed in May.
Klarna's valuation, which has been called Europe's most expensive startup in 2021, has been hit hard by soaring inflation and tighter monetary policy. Last month, the Swedish company announced it was laying off about 10% of its employees to cut costs, Bloomberg.
via.TITVN
