Leading payments provider, Klarna, has announced a major expansion of its existing partnership with online fashion powerhouse boohoo group to include the US and UK. From today, US online shoppers at boohoo group’s four brands — boohoo, boohooMAN, PrettyLittleThing and Nasty Gal — can benefit from Klarna’s flexible Pay in 4 payment option.
Later this year, UK customers will have access to Klarna’s Pay in 3, ensuring they can buy their favorite clothes, shoes, accessories and beauty products in interest and fee-free installments.
This follows Klarna and boohoo group’s successful partnership across Germany, the Netherlands, Denmark, Sweden, Norway and Finland, and will help support the brand’s global growth. With a focus on improving every part of the shopping experience for their customers, boohoo group continues to push boundaries to make shopping smoother and more convenient for their customers.
Commenting on the partnership, Michael Rouse, Chief Commercial Officer of Klarna, said:
Shoppers today expect more from brands and 76% of retailers told us that they are working harder than ever to win customer loyalty. In this challenging environment it’s never been more important for retailers to get the customer experience right, and flexible payment options are a key part of this — 30% of millennial and Gen Z shoppers say payment choice is a top driver of loyalty for them. Working together with boohoo group, we’re waving goodbye to the idea that there’s a ‘one size fits all‘ method where payments are concerned, and instead creating solutions that suit their customers’ needs and drive growth — both in the UK, Europe and the US.
John Lyttle, Chief Executive at boohoo group, added:
Our customers in Germany, the Netherlands, Denmark, Sweden, Norway and Finland love the convenience and control that Klarna’s payment options offer them, so expanding our partnership to include the UK and the US was the obvious next step. This move will not only help us cement customer satisfaction and loyalty — it will also ensure we retain our competitive edge and are well positioned for future growth globally.
This announcement comes at a time of exceptional growth for Klarna, who recently announced a huge round of funding — $460 million — giving them a $5.5 billion valuation and seeing them claim the crown of Europe’s most valuable fintech.
Klarna, the leading global disruptor of payments and banking, and provider of smoooth retail services, was founded in Sweden in 2005. Klarna currently holds a post money valuation of $5.5 billion, which ranks Klarna as the largest private fintech in Europe and one of the largest private fintechs globally. Klarna provides merchants with a flexible range of preferred payment alternatives that enable consumers to easily and securely pay when and how they want everywhere – online and in-store.
Over 170,000 merchants, including ASOS, Peloton, Abercrombie & Fitch, Michael Kors, Superdry, Gymshark, Samsung, Topshop, Agent Provocateur and many more have enabled Klarna’s innovative shopping experience, that stretches beyond the actual transaction and also allows consumers to take control over their personal finances. Klarna has 2,500 employees and is active in 16 countries.
- Pay in 4 (US)
- Payments are scheduled automatically, with the first payment made at the point of purchase via either a debit or credit card, with the remaining three payments taken bi-weekly to reflect the American salary payout schedule. As with Pay in 3, all purchases are interest and fee free.
- Pay in 3 (UK)
- Payments are scheduled automatically, with the first payment made at the point of purchase via either a debit or credit card, with the final two payments being taken 30 and 60 days after purchase. As with Pay later, all purchases are interest and fee free.
About boohoo Group
boohoo.com is one of the fastest growing international etailers. The product is trend-led, accessible, and wearable; the business is agile and fast paced with a swagger in its step. With 100 new items dropping onsite daily – boohoo.com has quickly evolved into a global fashion leader of its generation.