Payments provider Klarna has expanded its partnership with Swedish women's ecommerce brand, NA-KD, to the UK.
The deal builds on Klarna's existing partnership with NA-KD in Sweden, Norway and Finland since 2015 and Germany which was launched last year and comes as Klarna continues to offer its products globally in a move to revolutionise the retail experience.
The expanded partnership means NA-KD customers in the UK will, from this summer, benefit from Klarna's optimised checkout technology, allowing shoppers to make a purchase by simply entering their email and postcode, rather than providing complicated login information and card details. Shoppers will also have the option to use Klarna's Pay later solution, which allows shoppers to turn their sitting rooms into fitting rooms - by letting consumers try before they buy. They then have 30 days to pay for the items, interest free.
Founded in 2015, NA-KD sells direct to consumers and specifically targets millennials with "stylish yet affordable clothes". At the end of 2017, NA-KD recorded 150% year-on-year growth with a revenue of almost $50 million. In addition, they also recently secured $40 million in Series B funding, which it is putting towards accelerating the company's growth and further expanding its business globally.
Luke Griffiths, General Manager at Klarna UK said: "The expansion of this partnership really highlights the evolving changes in retail which we're seeing right across the world, and we're eager to see how extending the partnership with us into the UK will impact sales with NA-KD. At Klarna, we're dedicated to helping brands create a smooth and optimised shopping experience by providing flexible financing and payments options to consumers. As online retail becomes an increasingly competitive space, there's no room for complacency, and NA-KD have really taken heed of this, by continuing to put customer experience first."
Jarno Vanhatapio, Founder and CEO at NA-KD added: "We strive to be at the forefront of the ecommerce revolution, offering a simple, hassle-free browsing and buying experience. 2017 saw us deliver extraordinary results in terms of margin improvements and revenue growth - with significantly improved bottom-line results. Looking forward, our top priority for 2018 is international growth - especially targeting the US, UK and Major European markets. In today's hyper-competitive fashion e-tail environment, we recognise that frictionless and flexible payments are make or break for a lot of consumers, which is exactly why we've decided to extend our existing successful partnership with Klarna into the UK."