4 Swedish FinTechs offering BNPL services this festive season
By Gloria Methri
The buy now, pay later (BNPL) method is a highly popular payment option for Swedish consumers purchasing goods online. The BNPL method is a financing option that allows customers to pay for goods over time in regular installments. Customers get their product delivered right away and agree to pay later, usually with interest-free payments over a limited period.
More retailers have started offering BNPLs as a payment option online, with 85% of consumers projected to use these services this holiday shopping season. In Sweden, BNPL payments are projected to increase by 33.8% to reach a market value of $20.2 billion later this year.
Here are four Swedish FinTechs offering BNPL services this holiday season.
Founded in 2005, Klarna is a FinTech company that provides global payment and shopping services along with the facility of banking and investments. “Buy Now, Pay Later” is one of the most famous services offered by the platform. It is one of the most highly valued private FinTechs globally with a valuation of US$31 billion.
Tink is an open banking platform that enables banks, FinTechs, and start-ups to develop data-driven financial services. Tink allows customers to initiate payments, access aggregated financial data, complete transactions, verify account ownership and build personal finance management tools. Founded in 2012 in Stockholm, Tink became a wholly owned subsidiary of Visa in 2022.
Zaver is a Swedish FinTech that enables merchants to accept cardless payments and offer buy-now-pay-later as an option. Its payment functionality and features include online and offline cardless payments powered by open banking, instant payouts for merchants, BNPL, and credit scoring.
WestPay is a cloud-based bill payment technology solution provider. The company offers smart transaction for merchant in-store, e-commerce, and self-markets, as well as in retails, hotels, restaurants, and banking sectors. The company is represented globally and headquartered in Stockholm.
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