Fintech firm reports 50% reduction in net loss


Sebastian Siemiatkowski, CEO of Klarna, speaking at a fintech event in London on Monday, April 4, 2022.

Chris Ratcliffe | Bloomberg via Getty Images

Klarna, the Swedish buy now, pay later fintech company, halved its net loss in the first quarter, recording a significant improvement in its bottom line after a major cost-cutting drive.

The company posted a net loss of 1.3 billion Swedish krona ($120.7 million), down 50% from the 2.6 billion krona loss in the same period a year ago.

Klarna reported total net operating income of 5 billion Swedish krona, up 22% year-over-year.

“This quarter we’ve impressively managed to grow GMV and revenue, at the same time as we cut costs and credit losses, and…

Source cnbc.com

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