Clarna jump into share trading debut

Purchase shares now, the payment later raised $ 1.37 billion after the company was long waved by the company Clarna on Wednesday. initial public offering.

Trading under Tikar Clar opened $ 52 per share after pricing after expecting more than $ 40, which would have given the company a price of about $ 15 billion.

The Swedish firm initially guided the price limit of $ 35 to $ 37 per share when its road show was launched earlier this month.

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CEO Sebstian Ciaemiatcovski Fox Business told that years ago he and president Michael Moritz had imagined an IPO after Google. They wanted to make the company public “When it was a global phenomenon, it was beneficial, but there was a lot of increase in front of itself.” To succeed globally, he said, it meant that the company was to be profitable in the US, an achievement was achieved only last year.

Established in 2005, SiemiAtkowski is credited with the startup for a global AI-operated payment and growing in shopping platforms, partnership with 790,000 retailers, including Walmart Canada, the largest Omony-Retail partnership. To date, it has more than 111 million active users.

Wednesday is a strategic milestone for the company, as its chief executive said he is not selling his shares during an IPO, usually seen as a exhaust step in the industry, but is invested for a long race instead, indicating confidence in the company’s long -term value. Siemiatkowski says that Clarna aims to compete directly with retail banks, such as JP Morgan Chase, Bank of America, Wales Fargo and Citibank.

“I think this is demand and people want something else from their bank. Most people are not super excited about what banks are doing for them in the last few decades.” “There are competitive banks, but there are no banks that are ready to do things differently.”

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He is confident that the company may be a strong competitor. Despite only gaining profitability in the US last year, Sieemiatkowski said that she is confident Credit Card.

“The key is that we see there are many Americans who are very tired of credit cards (and) how they feel that they are fools in a lot of debt with a lot of interest,” he said.

Now buy, use grocery items later. Consumers struggle with the cost of food almost as a couple.

According to Siemiatkowski, a significant part of consumers prefers options for traditional credit cards, but still want to reach credit payment options. To meet that demand, Clarna began testing her debit card in June, developed in partnership with visas and issued through webbank.

Clarna Card allows consumers to pay immediate payment or pay on both online and in-store on traders who have more than 150 million visas-delays worldwide visa. The company considers it a more consumer-friendly option for traditional credit cards. Since its launch, Ciamiyatcovski stated that Clarna has 700,000 American sign ups, and still over 5 million on the waiting list.

Now buy, pay later services such as Clarna and after rivals, Affirm and PayPal have increased popularity as consumers often see ways to spread their budget by paying in interest-free installments as economic pressure is weighed at homes. Traditionally, they have been marketed and used for large-ticut items, but Sieemiatkowski said that Clarna is targeting everyday expenses by traveling to grocery items, and traveling to membership like Spotify and Disney+.

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While Clarna is not immune for the loss of credit, Ciamiyatcovski said that its loss goes down 20% to 30% from the average of the industry, helps Transparency of app And a relatively small, interest-free loan of about $ 100.

He also said that Clarna can quickly adjust its borrowed standards, making it more agile than traditional banks.