Klarna kraschar på börsen: ”Bästa kvartalet vi har gjort”

Absolutely. It's great to see that this is the first quarter we've surpassed one billion dollars in revenue. That's 38% growth compared to the same quarter last year, and 58% in the US. Volume is up 32% and 43% in the US, which is fantastic. I believe this is due to the strategy we set many years ago to become a buy now, pay later party network. Together with Stripe, Adyen, and other major global payment processors and PSPs, we ensure Klarna is available on every merchant's website or in physical stores. You're starting to see that strategy pay off in our growth, which is quite similar to the American Express strategy. Many of us remember Amex as a card that could only be used at hotels, and then it became widely available. That's the strategy here, and I believe it's a major reason for this strong growth.

Well, if you look at the results this quarter, I have to say as an owner and CEO who has been here for 20 years, this is perhaps the best quarter I've ever had. It's incredible. You see how big the bank has become, how strongly it's growing internationally, and so on. A consequence of this is that while volumes are growing by about 30%, our fair financing products, which are larger loans, are growing much faster. This is natural because the number of merchants offering these solutions has increased significantly, but also because we have more customers adopting them. On average, a customer might have a loan of $80 to $100, while our Klarna Banking customers might have $500, which is still only 10% of what credit cards or traditional banks offer. So it's still very conservative lending, but it's much larger than in previous years and growing strongly. From an accounting perspective, which we think is correct, we have to book the entire potential expected reservation for potential credit losses this quarter, while all the revenue and other costs come in future quarters. When you're growing this strongly, as we are in fair financing, you get a certain negative pressure on the transaction margin this quarter, which was a bit larger because you've essentially booked more sales. So it feels very natural. Generally, credit loss levels are continuing to go down and are very stable overall, but you get these accounting effects that impact the transaction margin.

Yes, exactly. The net growth on those costs was also lower compared to last quarter. That's partly because we've become better at selling off more of these loan portfolios. The more we sell off, the smaller the accounting effect becomes, because we book both costs and revenue in the same quarter. Whereas if we keep them on our own balance sheet, the entire cost comes this quarter and the revenue comes later. So generally, profit is actually a bit lower if you sell off the loan portfolio. But we've also seen that in a public market, there's even more expectation and hope that we should do more selling. So it's a balancing act between those two. But yes, that's the main part of how the numbers have developed.