Klarna has announced a deal to acquire Italian ‘pay now, buy later’ start-up Moneymour, reports Jane Connolly.
The acquisition of Moneymour – which enables consumers to pay for purchases in monthly instalments based on an instant credit assessment – is also the first step towards the launch of Klarna’s latest product development hub in Milan.
Financial details have not been released, but the transaction is expected to be completed this quarter.
Koen Köppen, CTO at Klarna, says the company has been impressed by Moneymour’s achievements to date.
“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,” Koen says.
“Under the Klarna umbrella, we will together further develop the proposition and scale this across markets, which will support in accelerating growth.”
Moneymour’s full team and operations will be integrated into Klarna.