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☆ HSBC exec says there's a lot of AI 'success theater' happening in finance
▼ + stars: | 2024-10-09 | by ( Ryan Browne | ) www.cnbc.com time to read: +8 min

Jaap Arriens | NurPhoto via Getty ImagesLONDON — Increasingly many financial services firms are touting the benefits of artificial intelligence when it comes to boosting productivity and overall operational efficiency. Despite bold statements, a lot of companies are failing to produce tangible results, according to Edward J Achtner, the head of generative AI for U.K. banking giant HSBC . One example he gave was a partnership that HSBC has in place with internet search titan Google on the use of AI technology anti-money laundering and fraud mitigation. Boteju stressed that Lloyds is "proceeding with caution" when it comes to exposing the bank's customers to generative AI tools. Generative AI, on the other hand, is a more nascent technology, according to the Lloyds exec.

Persons: Jaap Arriens, Edward J Achtner, Achtner, Ranil Boteju —, Nathalie Oestmann, ChatGPT, Klarna, headcount, Sebastian Siemiatkowski, Siemiatkowski, Oestmann, Boteju, Banks, we've, Bahadir Yilmaz, Yilmaz, It's, Johan Tjarnberg Organizations: NurPhoto, Getty, HSBC, Leadership, Lloyds Banking Group, NV Ltd, Royal Albert Hall, Microsoft, Google, BBC, NV, CNBC, Lloyds, ING Locations: London

☆ Klarna CEO says a European tech brain drain is ‘number one risk’ for company ahead of IPO
▼ + stars: | 2024-10-03 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Sebastian Siemiatkowski, CEO of Klarna, speaking at a fintech event in London on Monday, April 4, 2022. Chris Ratcliffe | Bloomberg via Getty ImagesA European technology talent brain drain is the biggest risk factor facing Klarna as the Swedish payments company gets closer to its upcoming initial public offering, according to CEO Sebastian Siemiatkowski. "When we looked at the risks of the IPO, which is a number one risk in my opinion? He was referring to company risk factors, which are a common element of IPO prospectus filings. Still, when it does go public, Klarna will be among the first major fintech names to successfully debut on a stock exchange in several years.

Persons: Sebastian Siemiatkowski, Chris Ratcliffe, Siemiatkowski, —, Klarna, Compensia, Klarna's, CNBC's, Goldman Sachs, Jack Dorsey's, he's, Siemiakowski, they're Organizations: Bloomberg, Getty, CNBC, Apple, Meta, PNL, Ventures, Google, U.S Locations: London, Europe, U.S, Sweden, Germany, Italy, Britain, Afterpay, American

☆ Klarna partners with fellow fintech Adyen to bring buy now, pay later into physical stores
▼ + stars: | 2024-09-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Jakub Porzycki | NurPhoto | Getty ImagesSwedish firm Klarna is partnering up with Dutch payments fintech Adyen to bring its popular buy now, pay later service into physical retail stores. Klarna will be included as an option across more than 450,000 Adyen payment terminals in brick-and-mortar locations as a result of the deal, according to the companies. Klarna's buy now, pay later, or BNPL, service allows users to spread the cost of their purchases over a period of interest-free installments. Earlier this year, Klarna sold Klarna Checkout, the company's online checkout solution for merchants. The recently elected U.K. Labour government is expected to set out plans for buy now, pay later regulation soon.

Persons: Jakub Porzycki, Klarna, David Sykes, Alexa von Bismarck, Adyen, Sebastian Siemiatkowski, BNPL, Tulip Siddiq Organizations: NurPhoto, Getty, Klarna, Adyen, EMEA, Alexa, CNBC, Labour, Conservative Locations: Amsterdam, Europe, North America, Australia, Swedish

☆ Buy now, pay later firm Klarna swings to first-half profit ahead of IPO
▼ + stars: | 2024-08-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Klarna said it posted a profit in the first half of the year, swinging into the black from a loss last year as the buy now, pay later pioneer edges closer toward its hotly anticipated stock market debut. In results published Tuesday, Klarna said that it made an adjusted operating profit of 673 million Swedish krona ($66.1 million) in the six months through June 2024, up from a loss of 456 million krona in the same period a year ago. On a net income basis, Klarna reported a 333 million Swedish krona loss. However, Klarna cites adjusted operating income as its primary metric for profitability as it better reflects "underlying business activity." Klarna is one of the biggest players in the so-called buy now, pay later sector.

Persons: Klarna, Sebastian Siemiatkowski Organizations: PayPal Locations: U.S, onboarding

☆ Klarna takes on banks with a personal account and cashback rewards ahead of IPO
▼ + stars: | 2024-08-15 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Buy now, pay later firms like Klarna and Block's Afterpay could be about to face tougher rules in the U.K.Financial technology firm Klarna is pushing deeper into banking with its own checking account-like product and a cashback offering that rewards users for shopping via its app. "These new products make it easier for customers to manage multiple scheduled payments, helping our customers use Klarna for more frequent purchases and driving loyalty," Sebastian Siemiatkowski, Klarna's CEO and founder, told CNBC. Siemiatkowski said that Klarna wants to "support all consumers with their everyday spending," adding that the products will allow people to "earn money while they shop and manage it in a Klarna account." The two new products, which are being rolled out in 12 markets including the U.S. and across Europe, will show up in the Klarna app as "balance" and "cashback." Klarna balance lets users store money in a bank-like personal account, which they can then use to make instant purchases and pay off their buy now, pay later loans.

Persons: Block's, —, Sebastian Siemiatkowski, Siemiatkowski, Klarna Organizations: Financial, CNBC, U.S Locations: Europe

☆ Klarna CEO faces backlash for saying AI let marketing team 'half the size it was last year' do more work, saving millions
▼ + stars: | 2024-05-30 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +6 min

Read previewKlarna's CEO seemingly touched a nerve on social media with a post about how the company saved millions by using AI to cut costs and do the marketing work human employees previously did. "Our in-house marketing team is HALF the size it was last year but is producing MORE!" AdvertisementHe also wondered aloud at the impact AI will have on creative industries and those working in marketing. Advertisement"If you still had a bigger marketing team, they probably would've advised you not to post this," one person said. "Flexing that you fired half of your marketing team is just really bad," another added, alongside a clown emoji.

Persons: —, Sebastian Siemiatkowski, OpenAI's DALL, Siemiatkowski, would've, Klarna, ioAhxkNS8I — Sebastian Siemiatkowski, David Sandstrom Organizations: Service, Business, Wall

☆ Klarna scores major payment deal with Uber ahead of hotly anticipated IPO
▼ + stars: | 2024-04-24 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Rafael Henrique | SOPA Images | LightRocket via Getty ImagesKlarna on Wednesday announced a global partnership with Uber to power payments for the ride-hailing giant's Uber and Uber Eats apps. The partnership will see the Swedish financial technology firm added as a payment option in the U.S., Germany, and Sweden, Klarna said in a statement. In the U.S., Germany, and Sweden, Klarna will roll out its "Pay Now" option, which lets customers pay off an order instantly in one click, in the Uber and Uber Eats apps. The company will also offer an additional payment option for Uber users in Sweden and Germany which allows users to bundle purchases into a single, interest-free payment that gets taken out of their monthly salary. The firm recently launched a monthly subscription plan in the U.S. to lock in "power users" ahead of its anticipated IPO.

Persons: Rafael Henrique, Uber, giant's Uber, Klarna, Sebastian Siemiatkowski, Siemiatkowski, SoftBank Organizations: Getty, Wednesday, Klarna, Bloomberg News, CNBC, Nike, Instacart Locations: Swedish, U.S, Germany, Sweden, Ukraine

☆ Watch CNBC's full interview with Klarna CEO Sebastian Siemiatkowski
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Klarna CEO Sebastian SiemiatkowskiSebastian Siemiatkowski, Klarna co-founder and CEO, joins CNBC's 'The Exchange' to discuss Klarna's new credit card, consumer spending, and more.

Persons: Sebastian Siemiatkowski Sebastian Siemiatkowski, Klarna

☆ Klarna's new credit card is a 'healthier alternative' to others, says CEO Sebastian Siemiatkowski
▼ + stars: | 2024-04-17 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKlarna's new credit card is a 'healthier alternative' to others, says CEO Sebastian SiemiatkowskiSebastian Siemiatkowski, co-founder and CEO of Klarna, joins CNBC's 'The Exchange' to discuss the launch of Klarna's new credit card, the potential for an IPO, and more.

Persons: Sebastian Siemiatkowski Sebastian Siemiatkowski

☆ How the U.S. government is regulating artificial intelligence
▼ + stars: | 2024-04-13 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +3 min

The U.S. government is considering laws to help society adapt to the introduction of artificial intelligence. Economists have worried for years that artificial intelligence could sink job prospects for white-collar workers, similar to the effects globalization has had on blue-collar workers in the past. In 2023, lawmakers in the New York State Assembly put forward a measure to limit the expected impact of tech-driven layoffs with robot taxes. Many economists have said that robot taxes, if used at all, should be set at a relatively low level. Watch the video above to learn more about the U.S. government's plan to regulate artificial intelligence.

Persons: Sebastian Siemiatkowski, Sora, Sam Altman, Erik Brynjolfsson, Brynjolfsson Organizations: CNBC, Force, European Union, Stanford Institute for, International Monetary Fund, New York State, Massachusetts Institute of Technology Locations: U.S, Brussels, United States

☆ Google is starting to feel like any other business, and staging a comeback won't be easy
▼ + stars: | 2024-02-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at how Google has gone from the tech industry's vanguard of cool to just another boring company . AdvertisementGoogle has long stayed atop Silicon Valley's volatile popularity contest — but the best place to work in tech is starting to feel like any other business , Business Insider's Hugh Langley and Lara O'Reilly write. Bureaucracy, an aversion to risk, and deference to Wall Street over employees — things Google long eschewed — have become the norm. The latest example is the debacle surrounding Gemini — its flashy new AI model that faced backlash for being too "woke."

Persons: —, Rebecca Zisser, Hugh Langley, Lara O'Reilly, Alistair Barr, Sundar Pichai, Hugh, Lara, Mateusz Wlodarczyk, BI's Peter Kafka, it's, David Rosenberg, Gary Shilling, Snowflake's Frank Slootman, Ozgur Hakan Aslan Toyota, Boxabl, Elon Musk, Tesla, Hewlett Packard, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb Organizations: Service, Google, Business, Gemini, Meta, Big Tech, OpenAI, Corporations, Nvidia, SEC, Universal Music Group, Universal, BI Locations: —, New York, London

☆ Klarna says its AI assistant is doing the work of 700 people after putting the brakes on hiring
▼ + stars: | 2024-02-28 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Klarna says its AI assistant is doing the equivalent work of 700 people. Not everyone's impressed, but the assistant is another sign of the company's enthusiasm for AI. AdvertisementKlarna says its AI assistant is doing "the equivalent work of 700 full-time agents." One user, Gergely Orosz, a software engineer and author of The Pragmatic Engineer newsletter, said he was skeptical of the news after trying out Klarna's AI assistant. Advertisement"There will be a shrinking of the company," Siemiatkowski said in December.

Persons: Klarna, Swedish fintech, everyone's, —, Gergely, Sebastian Siemiatkowski, Siemiatkowski, We're Organizations: Service, Business, Telegraph Locations: Swedish

☆ Profitable Klarna poses IPO valuation conundrum
▼ + stars: | 2023-11-09 | by ( Karen Kwok | ) www.reuters.com time to read: +4 min

Last year, Siemiatkowski raised money at a $6.7 billion equity value, or 85% below its 2021 price tag of $45.6 billion. The implied Klarna valuation, before netting out the company’s cash or debt, would be roughly $14 billion. It’s hard to see Klarna getting close to those multiples, if it’s valued like a bank, since the Swedish company is nowhere near as profitable. For Siemiatkowski, then, the key to gaining an IPO valuation uplift will be to convince investors that Klarna is a lender but not a bank. Klarna raised $800 million at a $6.7 billion valuation in July 2022.

Persons: Sebastian Siemiatkowski, Klarna, That’s, Breakingviews, Siemiatkowski, Liam Proud, Streisand Neto Organizations: Reuters, Bank, Reuters Graphics Reuters, Revenue, Thomson Locations: U.S, Swedish, United Kingdom

☆ Klarna, Europe's $6.7 billion buy now, pay later firm, sets wheels in motion for eventual IPO
▼ + stars: | 2023-11-06 | by ( Ryan Browne | ) www.cnbc.com time to read: +3 min

Buy now, pay later firm Klarna has established a holding company in the U.K. that will sit at the top of its corporate structure, in a symbolic move that paves the path for an eventual listing. A Klarna spokesperson confirmed to CNBC that the Stockholm-based business, which lets shoppers defer payments over a period of instalments, has begun a legal entity restructuring to set up the holding company. "Klarna Holding will continue to be the regulated financial holding company under the direct supervision of the SFSA and we will continue to hold a Swedish banking license." It differs from these competitors in its flexible payment plans, known as buy now, pay later. WATCH: Klarna's buy now pay later losses are 30% below industry standard, says CEO Sebastian Siemiatkowski

Persons: Klarna, hasn't, Sebastian Siemiatkowski Organizations: CNBC, Heartland, PayPal, Sequoia Locations: Stockholm, Sequoia, Swedish, Silver, Britain, Sweden

☆ Klarna's buy now pay later losses are 30% below industry standard, says CEO Sebastian Siemiatkowski
▼ + stars: | 2023-10-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailKlarna's buy now pay later losses are 30% below industry standard, says CEO Sebastian SiemiatkowskiSebastian Siemiatkowski, co-founder and CEO of Klarna , joins 'The Exchange' to discuss the type of consumer buy now pay later plans attract, the debt collection process for missed BNPL payments, and how investors can differentiate between buy now pay later providers.

Persons: Sebastian Siemiatkowski Sebastian Siemiatkowski

☆ Klarna takes aim at Google and Amazon with AI image recognition tool for shopping
▼ + stars: | 2023-10-11 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

It's similar to how Google Lens directs users to suggestions based on items captured by their camera. The tool is trained on data from PriceRunner, a price comparison service Klarna acquired for close to $1 billion. PriceRunner competes with the likes of Amazon , Google's shopping comparison service Google Shopping, and French-founded firm Kelkoo. Klarna users will be able to point their phone at an item of clothing or gadget and find recommendations on similar products directly within the Klarna app. Still, regulators, not least the European Union, have become wary about the rapid advancement of generative AI technology, which generates new material in response to human inputs.

Persons: Rafael Henrique, David Sandstrom, Klarna Sandstrom, Klarna, Sandstrom Organizations: Getty, Google, CNBC, Microsoft, European Union Locations: Swedish, PriceRunner, French, Stockholm, Europe, China, Silicon Valley

Many start-up companies like Klarna are adding AI to their product portfolio to boost valuations as they wait for their turn to hit the public markets through an initial public offering. To prevent any privacy issues, Klarna's AI does not allow images of people's faces or bodies to appear, he said. Google's (GOOGL.O) Lens tool also has search features that allow the mixing of photos and text in searches. The shopping lens is available to consumers in the U.S., UK, Germany, Sweden, Denmark and Norway, Klarna said. Klarna, once Europe's most valuable startup, allows shoppers to buy online through its merchant partners and pay in installments using its "buy now, pay later" service.

Persons: David Sandström, Sandström, Klarna, Supantha Mukherjee, Jane Merriman Organizations: Google, Thomson Locations: STOCKHOLM, U.S, Germany, Sweden, Denmark, Norway, Stockholm

☆ Buy now, pay later firm Klarna cuts losses in first half but falls short of profit
▼ + stars: | 2023-08-31 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Swedish buy now, pay later firm Klarna reduced its losses by roughly 67% in the first half of 2023, as the company dramatically cut costs in a bid toward profitability. The company reported overall net operating income of 9.2 billion Swedish krona ($843.5 million), up 21% year-over-year. Failing to record a half-year profit, the firm posted a net loss of 2.1 billion Swedish krona for the period, down 67% from 6.4 billion krona between January to June 2022. Credit losses, a measure of how much the company sets aside for customer defaults, sank by 39% to 1.8 billion krona from 2.9 billion. Buy now, pay later, or BNPL, firms allow shoppers to defer payments to a later date or purchase things over installments on interest-free credit.

Persons: Klarna, Sebastian Siemiatkowski, Siemiatkowski, —, OpenAI's, David Sandstrom Organizations: CNBC, PayPal Locations: Helsinki, Finland

☆ Fintech firm Klarna halves net loss in first quarter as it races toward profitability
▼ + stars: | 2023-05-26 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Klarna, the Swedish buy now, pay later fintech company, halved its net loss in the first quarter, recording a significant improvement in its bottom line after a major cost-cutting drive. The company posted a net loss of 1.3 billion Swedish krona ($120.7 million), down 50% from the 2.6 billion krona loss in the same period a year ago. Klarna reported total net operating income of 5 billion Swedish krona, up 22% year-over-year. The results show how Klarna is making "significant strides" toward profitability on a monthly basis, the firm said. Buy now, pay later firms, which allow shoppers to defer payments to a later date or pay over installments, have been particularly impacted by souring investor sentiment on technology, amid a worsening macroeconomic environment.

☆ Fintech giants Klarna and Block slam 'outdated' UK buy now, pay later regulation proposals
▼ + stars: | 2023-04-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Alex Marsh, Klarna's head of U.K., said the proposals would lead to lengthened application times and result in "disproportionate friction" for consumers. In a consultation paper published in February, the U.K. government suggested applying parts of existing regulation – namely, the Consumer Credit Act – to buy now, pay later plans. The currently unregulated buy now, pay later model would be supervised by the Financial Conduct Authority. Buy now, pay later loans allow shoppers to defer payment by a month or to split the cost of their purchases over a period of equal monthly instalments. Based on Klarna modelling, that could increase to five minutes under the new U.K. rules, Marsh said.

☆ Fintech firm Klarna overhauls its app with a TikTok-like discovery feed as A.I. hype swirls
▼ + stars: | 2023-04-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

According to David Sandstrom, Klarna's chief marketing officer, the firm took inspiration from Chinese tech platforms, which he said have mastered the art of algorithm driven-shopping. The Klarna app has been redesigned to tailor product recommendations to users based on their shopping habits using artificial intelligence. Klarna and other buy now, pay later products proved popular during the onset of the Covid-19 pandemic. Meanwhile, buy now, pay later has come under scrutiny from regulators because of fears that it is pushing some consumers, particularly younger people, into arrears. In the U.K., the government has proposed new rules aimed at adding some friction to the process of applying for a buy now, pay later loan.

☆ Payments firm Klarna posts smaller Q4 loss, eyes return to profit
▼ + stars: | 2023-02-28 | by ( ) www.cnbc.com time to read: +1 min

Swedish payments group Klarna aims to return to profit by the summer, the "buy-now, pay-later" company said on Tuesday, as it reported wider losses for 2022 but an improving performance in the fourth quarter. Klarna posted a full-year operating loss of 10.5 billion crowns ($1 billion) against 6.6 billion crowns in 2021. Gross merchandise volume (GMV) - the value of goods purchased through Klarna - was up 22% and revenue growth was 19%. Klarna said the United States became its largest market by revenue in December, and the group aimed to return to profitability by summer. Siemiatkowski said group growth could accelerate further on the back of the high growth rates in those two countries.

☆ Buy-now, pay-later kingpin Klarna's valuation dropped from $45.6 billion to $6.7 billion in 2022. Its CEO wants a 'sane market' before IPO.
▼ + stars: | 2022-12-05 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +6 min

Buy-now, pay-later firm Klarna wants 'a sane market' before IPO. The company is losing hundreds of millions of dollars annually, but says it is reducing credit losses. Klarna took a valuation haircut to $6.7 billion and carried out two rounds of job cuts in 2022. At one time, the company was the most highly valued startup in Europe with a valuation of $45.6 billion. That plunged by 85% to just $6.5 billion as the company raised again this year in a tougher market.

☆ My startup makes $100 million in annual recurring revenue. Here are 4 things we did to scale it from $1 million ARR in less than 6 years.
▼ + stars: | 2022-07-26 | by ( Ellen Nguyen | ) www.businessinsider.com time to read: +5 min

The private company hit $100 million in annual recurring revenue, reaching "centaur" status. We became a unicorn in 2021 and went from $1 million to $100 million in annual recurring revenue within six years, even faster than Shopify. Going from $0 to $100 million in annual recurring revenue put Aircall in the "centaur" status club this July. Annual recurring revenue is a metric for subscription-based companies that measures how much money the company's subscription contracts generate yearly. Centaur status is a rare title reserved for private software-as-a-service companies that achieve more than $100 million in annual recurring revenue.

☆ Klarna and Affirm tout new partnerships despite market uncertainty
▼ + stars: | 2022-06-02 | by ( Adriana Nunez | ) www.businessinsider.com time to read: +4 min

Klarna expanded its partnership with Marqeta to bring physical cards to the US, while Affirm made its BNPL product available to Stripe merchants. Get a daily newsletter packed with financial services data, insights, and analysis from the Insider Intelligence team. download the app Email address By clicking ‘Sign up’, you agree to be contacted by Insider Inc. and receive emails from Insider Intelligence and eMarketer (e.g. The physical Klarna card lets customers pay for purchases in four interest-free installments online or in-store. >> Browse Our CoverageCurrent subscribers can access the entire Insider Intelligence content archive here.

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