Buy now pay later company Klarna is growing fast, but losses are also rising.
Credit losses increased to SEK1.85 billion ($213 million) in the first half of the year, up from SEK1.19 billion ($137 million) in the year-ago period. Klarna attributed credit losses to entering new markets: It recently launched in New Zealand, France, Spain and Poland.
Operating losses were SEK965 million ($111 million) in the second quarter, up from SEK89 million ($10 million) in the year-ago period.
Gross merchandise volume globally jumped to more than $20 billion in the second quarter, up from $12 billion in the year-ago period. In the first half of 2021, GMV was $39 billion, compared to $22 billion in the year-ago period.
Klarna now has 90 million active users globally and 2 million transactions a day in 17 markets.