Buy now, pay later (BNPL) provider, Klarna, is planning to expand its rewards program and enable shoppers across nine markets to pay for their purchases instantly.
The company’s rewards program allows consumers to earn points on every purchase, regardless of whether they make a one-time payment or make installment payments. The program will be accessible to customers in Canada, France and the U.K., allowing them to earn points for every payment they make.
Enabling access to an expanded rewards program is part of Klarna’s strategy to better engage merchants and customers in sectors such as groceries and mobilities across different markets.
“A lot of our more global partners really want to grow with us into new markets,” said Chief Expansion Officer Camilla Giesecke in an interview.
The announcements come at a time when Klarna is assessing plans to raise fresh funding and figure new ways to cement its position in the European market as a leading BNPL provider and the most valuable FinTech player on the continent. The company currently has a valuation of $46 billion.
The company currently has 100 million global users, which are expected to significantly increase as Klarna is gearing to expand its offering to Australia, Ireland, France, Italy, Spain, Portugal, Poland, Canada and New Zealand, after launching its service in the U.S. and the U.K.