Today In Payments: Klarna Valued At $10.65B After $650M Funding; JPMC Bank Reserves Could Improve
In today’s top news, Klarna is valued at $10.65 billion after a $650 million funding round, and J.P.Morgan could be on the road to rebuilding its reserves. Plus, retail sales in China increased for the first time since the pandemic outbreak.
Private equity firm Silver Lake is leading a $650 million investment in buy now, pay later (BNPL) provider Klarna, valuing the company at $10.65 billion, a sizable increase from the company’s last valuation of $5.5 billion in 2019.
J.P.Morgan Chase & Co. could be on the road to rebuilding its reserves that were exhausted during COVID-19 if the nation’s economy improves, according to Keefe, Bruyette & Woods (KBW). Despite uncertainty over the economy, J.P.Morgan has seen signs that credit is doing well.
China saw retail sales increase 0.5 percent in August, the first increase since the COVID-19 outbreak, another sign of the country’s wider recovery.
To reshape the digital checkout experience for retailers and shoppers, Visa Canada has unveiled the extension of Click to Pay to Canada. The offering helps consumers make safe and fast purchases across different retailers and platforms amid the digital shift.
More than 32 million U.S. consumers move every year, with many turning to shared spaces to store their belongings. Renters want assurances that they can stow their possessions safely, and hosts need guarantees that renters are who they say they are, says Anthony Paine, co-founder of P2P storage marketplace Stashbee. In the latest PYMNTS Digital Identity Tracker, Paine explains how using digital ID verification tools help foster trust in the moving economy.
A banking system that can take four to six months to open an SMB banking account and a year to issue a debit card isn’t exactly business-friendly. That’s why Vilash Poovala, founder and CEO of neobank Oyster, says the last thing Mexico’s SMBs needed was another bank. Here’s what he says a FinTech-powered financial services operating system can do for them instead.
The “Metaverse”– a self-contained virtual world built atop ‘older’ constructs like the internet — could be the future of online lift. Here’s why.