U.S. Becomes Klarna's Largest Market

The U.S. becoming Klarna’s largest market shows that its growth engine has moved from mature Nordic checkout financing into the biggest and most contested consumer credit and ecommerce arena in the world. In 2024, U.S. revenue reached about $850M, or roughly 30% of total revenue, after years of pushing beyond Europe with app led shopping discovery, merchant funded BNPL, and longer duration financing that monetize better than plain pay in 4.1 2

• Klarna’s home markets were still heavily Nordic in 2020, with 76% of revenue from the Nordics and only 24% from the U.S., U.K., and others combined. The reversal by 2024 means the company has rebuilt its geographic center of gravity in just four years.2 1
• The U.S. matters because it is where BNPL is least won by incumbency and most won by distribution. Klarna built a shopping app, one time virtual cards, and merchant marketing leads, while also competing against PayPal’s checkout ubiquity and Affirm’s higher ticket lending network.2 3 1
• This shift also helps explain the mix change in revenue. By 2024, Klarna was generating meaningful revenue from interest bearing loans, late fees, ads, subscriptions, and card interchange, not just merchant fees. A larger U.S. business pulls Klarna toward higher yield products, but also higher absolute credit losses.1 2

From here, the U.S. is likely to determine whether Klarna looks more like a scaled payments network or a lender wrapped in a shopping app. If it keeps turning U.S. shoppers into repeat app users and low cost merchant demand, revenue mix should keep moving toward ads, cards, and financing, with the U.S. setting the pace for the whole company.1 2 3