Rojin Nair, Advisor
June 1st, 2021
FP | | May 17, 2022
Swedish fintech leader Klarna Bank is planning to establish a product development and tech hub in Toronto as it looks to grow its “buy now, pay later” model in the increasingly competitive North American market. BNPL is already starting to take off in Canada and BNPL payments are projected to grow 63.5 per cent and reach $5.9 billion in 2022 (Source: Research and Markets).
Now, with more than 400,000 merchants on board and US$1.6 billion in net operating income, founder and chief executive officer Sebastian Siemiatkowski is looking to catch a ride on Toronto’s thriving tech scene and take advantage of the country’s shift into open banking.
“We compared it with all of U.S. and Canada and so forth and concluded that Toronto had a fantastic amount of talent, fantastic positioning, (and) a very business-friendly government,” he said.
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