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Klarna establishes new Milan hub with Moneymour acquisition

KlarnaStockholm-based FinTech Klarna has entered into an agreement to acquire Italian payments company, Moneymour in a bid to gain access to intellectual property for improving its underwriting capabilities as well as additional expertise and competence. The acquisition will see the FinTech establishing a product development hub in Milan.

“We’re impressed with what the Moneymour team has achieved so far, and we are also happy to now progress the establishment of our new product development hub in Milan. The talented team has developed an interesting offering for the Italian market, and with their knowledge and expertise, we can further strengthen our underwriting capabilities in the market. Under the Klarna umbrella, we will together further develop the proposition and scale this across markets, which will support in accelerating growth.” said Koen Köppen, CTO at Klarna.

Established in 2017, Moneymour is an Italian payment method that allows customers to buy now, pay later by splitting their purchases into monthly instalments based on an instant credit assessment. The technology is expected to be leveraged by Klarna across its markets for enhancing consumers’ shopping experiences.

The transaction is expected to be completed in the first quarter of 2020 and Moneymour’s full team along with its operations will be integrated into Klarna. The new Milan hub is expected to propel the supplier’s growth efforts in the Italian e-commerce market.

Recently, Klarna launched in Australia where Sydney’s Commonwealth Bank (CBA) invested $200 million in the Group after an initial investment of $100 million, at the same valuation.

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