Buy now, pay later giant Klarna suffered a doubling of net losses in the first quarter as an increasing number of customers failed to pay back their loan installments.
TechSpot reports that Klarna, a major player in the buy now, pay later (BNPL) industry, recently reported that its net losses for the first quarter reached a staggering $99 million, nearly twice the $47 million it lost during the same period last year. The company, which offers its BNPL services to a wide range of merchants, allows customers to purchase items in installments while making money by charging fees to merchants and customers who fail to pay on time.
According to Klarna’s first quarter earnings report, consumer credit losses rose to $136 million, a 17 percent increase
Join the conversation!
Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!