Commonwealth Bank is still sitting on a pretty profit from its investment in BNPL group Klarna, but it ain’t what it used to be.
first reported Klarna was considering a capital raising, a valuation of around $US30 billion was mentioned in dispatches. In just a month, Klarna’s valuation appears to have halved.
Stories of job cuts abound – tech publication Crunchbase has a running tally that sits around 21,000 and Klarna itself has cut 10 per cent of its staff – but new investors are also demanding harsh conditions of tech companies. Klarna is arguably better positioned to survive this period than some of its rivals; it has a 17-year history and its deposit-taking operations in Northern Europe should give it greater resilience.
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