Sequoia Capital Invests In Swedish Startup Klarna

Posted May 5, 2010

Sequoia Capital has acquired a stake in Klarna AB. Klarna is a European payments company. As a result of the funding, Sequoia partner Michael Moritz has joined the board of directors. The second largest shareholder in Klarna is Oresund Investment AB.

?Klarna has done a fabulous job serving the needs of merchants and consumers in Europe?s e-commerce market,? stated Moritz in a statement. ?With e-commerce growing rapidly across the E.U., where card based payments are only 1/3 that of the U.S., Klarna has an incredible opportunity to be the most trusted solution in the $40 billion global payments market.?

Klarna was founded in 2005 and provides mobile payments and e-commerce solutions in European countries. Klarna has about 200 employees and handled transactions that are worth about 500 million euros in 2009 across 5,000 merchants. [GigaOM]