Klarna enters booming subscription market in the US

Klarna Plus offers double reward points and no service fees for $7.99 per month

Klarna has announced its first subscription plan, Klarna Plus, to select customers in the US for $7.99 per month.  

The plan, issued by WebBank, a credit provider, offers Klarna customers double reward points, no service fees and exclusive deals. In addition, subscribers get a welcome offer to save $8 on their first purchase.  

Sweden-based Klarna is expanding beyond its buy now, pay later offering, to tap into the growing global subscription ecommerce market, which is projected to reach a valuation of $2420bn by 2028. This growth is being driven by a change in how customers shop, including an increase in online and mobile shopping.  

The Sweden-based fintech has increased its customers in the US by 32%, to 37 million people, over the past year. 

David Sandstrom, chief marketing officer at Klarna, said: “Our research indicates that dedicated Klarna users are looking for an enhanced shopping experience through a subscription model.  

“Klarna Plus addresses this demand, allowing us to deepen our engagement with loyal US consumers, while also further diversifying a portfolio of payment and shopping solutions.” 

Klarna has 150 million global active users and 2 million transactions per day, with retailers like Nike, H&M, Saks and Macy’s.  

Image: Klarna 

Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.