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Global retail bank, payments, and shopping service Klarna has expanded into Canada with its flexible “Pay in 4” service and shopping app, which allows Canadian shoppers to split online and in-store purchases into four, interest-free payments without any interest or fees.
Canadians can now use Klarna’s “Pay in 4” service online, in-store, and via the Klarna app at the company’s integrated retail partners including Canadian brands Harry Rosen, Mejuri, and Frank And Oak and global brands like adidas, Sephora Canada, L’Oreal Canada, and GameStop. Using Klarna, the four interest-free payments can be made every two weeks from the time of purchase.
“Consumers across the world are moving away from traditional credit models to alternatives that better meet their expectations by offering smarter and more transparent ways to purchase, and the Canadian shopper is no different,” says Sebastian Siemiatkowski, Co-Founder and CEO, Klarna. “Recent Klarna research has found that at least half of Canadian shoppers ages 25-56 are looking for flexible payment options at checkout. With our expansion to Canada, we are bringing consumers the more sustainable, flexible payment alternatives they are looking for, empowering them to save time, money and make more informed financial decisions.”
Klarna has more than 23 million monthly active users globally. Members can track and manage Klarna payments, access exclusive rewards via the Klarna Rewards Club, price drop notifications, curated content, and delivery tracking. Canadian consumers will soon also be able to access additional app features including Klarna’s innovative “Shop Anywhere” service that allows users to “Pay in 4” at any online store, regardless of whether they are a Klarna retailer or not; as well as money saving tools, live shopping experiences and more.
“As Toronto looks to rebuild itself post-pandemic, attracting businesses from all over the world will play a big role in boosting our economy and creating more jobs,” comments Mayor of Toronto John Tory. “The latest news with Klarna is a vote of confidence in our city’s thriving and successful technology and innovation sector and an exciting moment for our city as we look to attract more people and businesses to our city. I want to thank Klarna for choosing our city for its expansion into Canada. I look forward to seeing this company grow and succeed.”
As part of Klarna’s entry into the Canadian market, the company has partnered with Moneris Solutions Corporation, one of Canada’s largest providers of mobile, online, and in-store payments solutions, processing more than one in three transactions across Canada.