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