Klarna is a Sweden-based payments company that has raised around $250 million from companies like Sequoia Capital, Digital Sky Technologies, and General Atlantic. Klarna makes it simple for people in Europe to buy goods online before paying.
Klarna has acquired Sofort, one of their German rivals. The combined companies will have a 10% market share in the $100 billion e-commerce market in Europe.
The combined network will cover 14 countries and serve 43,000 merchants. They will have 25 million users and partnerships. Klarna is buying Sofort from majority shareholder Reimann Investors.
The pricing was undisclosed, but sources with TechCrunch have pegged it at $150 million. The transaction is subject to approval by the Financial Supervisory Authority in Sweden.