- Amid global expansion, buy now-pay later company Klarna has launched a browser extension that allows shoppers to use its installment payments service with all online retailers, even if they are not a Klarna partner, the company announced last week. The browser extension is now compatible with Google Chrome and Microsoft Edge, but the company is working to support Firefox and Safari.
- After testing the tool with more than 100,000 shoppers, the Swedish company introduced the feature across the U.S., the U.K., Germany and France. Klarna said it plans to make it available in its other markets "in the near future." The addition helps Klarna reach consumers on desktops, beyond its mobile app.
- The tool also lets customers apply coupons and cashback rewards to their purchases, save their desired items in a personal folder, receive price drop notifications on those items and create one-time use Visa cards for more secure online shopping, per the company announcement.
Before introducing its browser extension, Klarna acquired Piggy, a Dutch marketing software business that automatically applies coupons and provides price drop or cashback notifications, for an undisclosed sum last month. In a statement, Nicholas Mahalec, product director at Klarna and former CEO of Piggy, said their partnership could connect retailers with Klarna's growing customer base.
"With the introduction of our browser extension, consumers shopping on their desktop can now benefit from the convenience, control and flexibility of Klarna's 'Pay Later' services at all of their favorite online stores," David Fock, chief product officer at Klarna, said in a statement. "Combined with the automatic couponing and cash back features, our new extension offers the ultimate shopping hack, saving time and money for consumers at every checkout."
Klarna has spent the past year racking up new users, raising capital and acquiring more companies. In June, Klarna raised $639 million from multiple investors, including Japan's Softbank Vision Fund 2, to support its international expansion. In addition to Piggy, the installment payments company also acquired Apprl and Hero in July. In August, the company announced that it reached 20 million customers and has lined up more than 10,000 retailer partners in the U.S.
Besides acquiring businesses that could enhance Klarna's features, the company has also made other moves to extend and expand its consumer finance services. Klarna partnered with Stripe in October to offer its buy now-pay later service to merchants who use Stripe. The following month, the company announced that it would soon launch the Klarna Card in the U.S., allowing cardholders to earn rewards via its Vibe loyalty program.