As a payments provider first, and bank second — Klarna expands its coverage across channels and into the U.S. market with H&M Group.
Klarna partners with 130,000 retailers globally, and has been actively strengthening its fashion, beauty and lifestyle sectors in the U.S. market, powering campaigns such as “Shop Like a Queen,” upon recently launching its app.
The integration constitutes further development in H&M’s digital and physical stores, to enhance an end-to-end “seamless, personalized and engaging” shopping experiences. Of note is the availability for customers to use Klarna’s “shop now, pay later” full product offering, in H&M stores, as well as online — bolstered by H&M’s app and loyalty program.
Daniel Claesson, head of business development at H&M Group, described the solution as a “whole new way of paying,” that aligns with H&M’s mission to give “fashion fans” a convenient and inspiring shopping experience in a press statement.
At a separate breakfast conversation today hosted by Klarna at Legacy Records in Hudson Yards, Derek Joyce, vice president of global accounts at Klarna, announced the H&M partnership, describing how its “all in” approach to the U.S. market quickly addresses a consumer need for alternative payment solutions, reducing checkout from 15 minutes to, in some cases, 30 seconds by way of Klarna’s quick underwriting methods and one-click checkout.
Joyce also outlined differentiations of Klarna in a competitive fintech landscape, saying Klarna solves the problems by addressing “friction, cost and service,” while maintaining a focus on the varying channels of shopping.
The launch in the U.S. is expected in fall 2019.