Klarna has raised USD 20 million from H&M to build financing and payments service for the fashion retailer.
The investment will help in building an omnichannel payments service spanning H&M’s physical and online storefronts. The deal will cover in-store, mobile, and online payments, including payment options such as “try before you buy” pay later services, to be delivered through H&M’s app and its Club loyalty program.
The first phase of the partnership will go live in 2019 in H&M’s home market of Sweden before a global roll out. According to Tech Crunch, the companies did not disclose the valuation with this investment, the amount being communicated by a source close to the deal.
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