Few private companies benefited more from the pandemic than Klarna Bank AB. Consumers flocked to the specialist lender, which lets customers split payments for things they order online. Klarna’s valuation rose to $ 46 billion from $ 5.5 billion in just two years.
Times have changed. The loss-making startup has burned through some of the money it raised in recent years and is now seeking new funds. Part of the reason it needs more capital is to keep up with stricter Swedish bank capital requirements, according to people familiar with the company.