Klarna payments platform secures Sequoia backing and adds Mike Moritz to the board

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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.

Clearly Klarna now plans to expand across Europe. The Swedish comany launched in 2005 and plans to create new ways for consumers and Internet stores to reduce fraud and the risk involved in e-commerce and Internet payments.

Using Klarna’s system, consumers pay for products they order online after they have been delivered. This plus a choice of invoice of mobile payment is pushed as one of its USPs, explained here.

A provider of invoice based payments for the e-commerce sector operating in the Nordics, Holland and Germany, it has about 4500 merchants and handled 500 million Euro worth of transactions last year.

  • IntellectGetOne

    Sensationalism?

    “Highly unusually” is a term that you ought to reserve for rare events, not for a VC joining a company board — in Europe or not. If they joined a board from Mars — sure, that would be “Highly unusual.”

    How many deals do they do in a year? When did they start doing EU deals? I mean eventually, of course, they’d join one of the boards of a company in the EU.

    See how this sounds:

    My wild, highly unpredictable prediction: Some USA VC is going to join the board of a company based in Asia.

    Kinda dumb sounding… but that’s the point.

  • Jon

    perhaps he just wants to get back to Wales more often

  • http://www.stillman-consulting.com Martin Stillman-Jones

    I think the point is that it’s unusual on two fronts and therefore of note:

    1) Sequoia don’t really invest outside the US, ideally California and so the EU is worthy of note.

    2) For one of that number to then join the Board – requiring regular trips to EU for Board Meetings etc is even more rare

    Will the two events mark a turning point for Sequoia and their investment preference for the US over the EU or are they seeking to recognise in this action, a significant player in the making?

    • http://twitter.com/mikebutcher Mike Butcher

      At last, someone gets it.

  • C

    I think Mike just liked the team – 3 young lads straight outta college, built a solid highly profitable company sofar. Aside from that he’s probably delegating his board seat to an intern.

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