Klarna Reports Annual Loss for the First Time

Swedish fintech startup Klarna, who along with Revolut are valued as the highest fintechs in Europe, took an annual loss for the first time in their history; the company reported a loss of $113mn for 2019 as the company made big investments in an engineering hub in Germany; the company saw a 31 percent rise in revenues and added 75,000 new merchants as they called the business very healthy and growing strong; Klarna also has plans to expand to a number of new markets along with focusing on growth in the U.S.; the company has been profitable since its founding in 2005. CNBC