Klarna, one of the biggest providers in Europe of in-store credit and invoice based payment solutions for the e-commerce sector, has secured funding from Sequoia Capital, which famously also backed Google. Terms have not been disclosed but we’ve learned Klarna will do a directed new share issue of SEK 70m (approx. $9 million).
Highly unusually, Mike Moritz, Sequoia Capital Partner and former board member of PayPal, Google and Yahoo, will join the Klarna board. This is significant as this is the first time ever that Moritz has joined a European company’s board.