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Payment companies Klarna and Stripe are making moves to integrate cryptocurrency into their services.
Klarna Considers Crypto Ahead of IPO
Klarna CEO Sebastian Siemiatkowski announced the company’s interest in cryptocurrency through a post on X, stating, “Klarna and me will embrace crypto!” He added, “Last large fintech in the world to embrace it. Someone had to be last.”
Siemiatkowski asked the X community and crypto fans for input on how the company should approach its crypto strategy. The announcement comes as Klarna prepares for its initial public offering (IPO) in April.
Klarna, a major “buy now, pay later” provider, has over 85 million users, processes $100 billion in transactions, and serves more than 500,000 merchants. The company has been backed by Sequoia Capital since 2010, with additional support from Ant Group, Atomico, and Bestseller Group. To date, Klarna has raised $4.19 billion across 22 funding rounds.
Stripe Acquires Bridge for $1.1 Billion
Stripe has completed the acquisition of Bridge, a platform that enables businesses to accept stablecoin payments. The deal, valued at $1.1 billion, is one of the largest fintech acquisitions in recent years.
Bridge allows companies to process stablecoin transactions without directly handling digital tokens. Stablecoins are cryptocurrencies tied to real-world assets, such as the U.S. dollar, to reduce volatility.
The acquisition is part of Stripe’s broader strategy to expand its crypto offerings and strengthen its position in the market. Stripe, which currently has a valuation of $70 billion, has been making moves in the crypto space for years.
For instance, in March 2022 Stripe announced support for crypto businesses and NFT sales and launches its NFT collectibles, “Cube Thingies”.
In April 2022, X (formerly Twitter) announced a partnership with Stripe to test cryptocurrency payouts for select users. At the time, Stripe stated, “The crypto payments will be routed through Stripe Connect, which will also handle KYC requirements.”
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