Global retailer H&M has invested in Swedish payments Fintech Klarna. According to reports, H&M invested $20 million in Klarna, a company that has now raised over $680 million.
Additionally, H&M announced a new global partnership in a release posted on its site. and Klarna will integrate H&M’s digital and physical stores to provide customers with a “eamless, personalised and engaging shopping experience no matter where, when and how they shop.”
Klarna will power in-store, mobile and online payments, deliveries and returns and the flexibility to decide how and when to pay including the ‘try before you buy’ Pay later service. The UK and Sweden will be the first markets to go live in 2019.
Karl-Johan Persson, CEO H&M group, said they were impressed with what Klarna has achieved to date.
Sebastian Siemiatkowski, CEO and co-founder of Klarna, added that “retail is changing.”
“Regardless of how and when customers want to shop, we need to be there for them. Customers will no longer be forgiving of unnecessary complexity or when their retail experience does not leverage the insight available to make their engagement smart, personal and easy.”