KazPost

Kazakhstan News
Saturday, Feb 22, 2025

Snoop Dogg-backed firm now Europe’s biggest fintech startup, valued at $5.5B

Swedish online payment firm Klarna, whose shareholders include Snoop Dogg, announced Tuesday it reached a $5.5 billion valuation following a $460 million funding round, asserting its status as Europe’s largest private fintech Opens a New Window. company.

Snoop Dogg invests in £2bn Swedish fintech company Rapper's investment firm Casa Verde has previously invested in cannabis-related businesses, such as weed delivery company. US rapper Snoop Dogg has bought a stake in financial technology company Klarna Bank.

The Swedish start-up, which was valued at $2.5bn (£2bn) in 2015, confirmed reports of the investment but would not comment on the size of it. "I've endorsed them, advised them, and now I'm looking to invest in them. I plan to keep growing the portfolio, ya dig?" Snoop Dogg, whose real name is Calvin Broadus, was quoted as saying.

The rapper, who has appeared in a YouTube video for the company, bought the stake through his investment firm Casa Verde Capital, which mostly invests in cannabis-related businesses, such as marjiuana delivery service Dutchie.

In the video, the 47-year old rapper is referred to as Smoooth Dogg for the purposes of Klarna's marketing campaign. The firm, which says it is one of Europe's largest banks, was founded in Sweden in 2015 and has expanded to 14 countries. It enables consumers to buy goods and services through various finance options and is used by 100,000 merchants.

The Stockholm-based startup, lead by CEO Sebastian Siemiatkowski, plans to expand into the U.S. market, joining several other European financial firms with its “buy now and pay later” model for consumers. Dragoneer Investment Group of San Francisco led the most recent funding round, solidifying its entry into the U.S. market.

Klarna announced its collaboration with Snoop Dogg in January with a series of commercials featuring the rapper who is both a minor shareholder and the face of the “Get Smoooth” campaign.

The partnership, born of transcontinental investment, catapulted the Swedish fintech startup to global notoriety when the commercials went viral and images of Snoop-Dogg with pure-bred elite dogs, on a set awash of millennial pink became social media meme fodder.

In a press release, Snoop-Dogg addressed his involvement as part of his European investment strategy.

“I’ve been looking for an opportunity to expand my tech investment portfolio to Europe and seeing the way Klarna operates and how they challenge the status quo, I think it’s a match made in heaven. I’m very excited about this partnership,” he said.

According to a recent press release about the funding round, Klarna currently services over 60 million consumers, 130,000 merchants, and is approaching $1 billion in annual revenue. They average 6 million new U.S. consumers each year and they believe the recent round of funding will fortify its strength in the foreign markets.

“The uniqueness of Klarna’s consumer offering, providing a healthier, simpler and smarter alternative to credit cards, with the addition of multiple services to smoothen the shopping experience, online and offline, is clearly resonating with the US consumer,” Klarna said in a statement.

Founded in Stockholm, Sweden in 2005, Klarna offers online consumers a seamless checkout experience with the option to pay now, pay later or over time with no interest. By directly purchasing inventory from the retailer, Klarna works with consumers to pay off the debt.

While he has not yet assigned a date, Siemiatkowski discussed the possibility of launching an initial public offering after H&M bought a stake in the firm and valued it at $2 billion.

"We have not taken a formal decision of listing, but Klarna is approaching a situation where I think we are more ready to list the company," Siemiatkowski told Reuters in an interview.

The CEO of the “tech unicorn” – a startup with a valuation of more than $1 billion – suggested that he is also interested in untapped markets like China.

“People refer to the U.S. market as extremely competitive but in my world, it cannot compare to the Chinese one. There is much more to do in markets that are not as competitive," Siemiatkowski said.



 



Newsletter

Related Articles

KazPost
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
Europe is boiling: Extreme Weather Conditions Prevail Across the Continent
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
Historic Moment: Edgars Rinkevics, EU's First Openly Gay Head of State, Takes Office as Latvia's President
An Ominous Shift in Warfare: Western Powers Risk War Crimes and Violate International Norms with Cluster Bomb Supply to Ukraine
Bye bye democracy, human rights, freedom: French Cops Can Now Secretly Activate Phone Cameras, Microphones And GPS To Spy On Citizens
The Poor Man With Money, Mark Zuckerberg, Unveils Twitter Replica with Heavy-Handed Censorship: A New Low in Innovation?
The Double-Edged Sword of AI: AI is linked to layoffs in industry that created it
US Sanctions on China's Chip Industry Backfire, Prompting Self-Inflicted Blowback
Meta Copy Twitter with New App, Threads
The New French Revolution
BlackRock Bitcoin ETF Application Refiled, Naming Coinbase as ‘Surveillance-Sharing’ Partner
Corruption in the European Parliament - Business as usual
UK Crypto and Stablecoin Regulations Become Law as Royal Assent is Granted
Paris Suburb Grapples with Violence as Curfew Imposed: Saint-Denis Residents Express Dismay and Anger
A Delaware city wants to let businesses vote in its elections
Alef Aeronautics Achieves Historic Milestone with Flight Certification for World's First Flying Car
Google Blocked Access to Canadian News in Response to New Legislation
French Politicians Advocate for Pan-European Regulation on Social Media Influencers
×