The Swedish e-commerce firm Klarna, which offers a service that lets customers make online purchases and pay for them later by invoice, has completed its purchase of the German payment network Sofort.
The combined company has 25 million users and a 10% market share in the 14 European countries in which it operates. The Klarna Group now has more than 1,000 employees and works with 45,000 online retailers, according to the companies' March 7 press release.
The deal marks a major step in Klarna's plans for expansion. "Klarna had a presence in Germany before [the Sofort acquisition]," chief executive Sebastian Siemiatkowski said in a February interview with PaymentsSource, "but we're sending a message to Germany and the rest of Europe."