Business
Is CommBank the BNPL killer? – Motley Fool Australia
The partnership of CommBank and Klarna is already making waves in the Australian BNPL market. Is this a big threat to Afterpay and Zip Co?
Lurking in the background of the buy now, pay later (BNPL) market is the original BNPL company, Klarna, a Swedish-based private bank that offers online payment solutions.
With its BNPL app launching in Australia in late January, just in time for the lockdowns, Klarna’s local operation is a joint venture with the Commonwealth Bank of Australia(ASX: CBA). CommBank has taken a 5.5% stake in the Klarna and the companies will jointly fund and own (with 50:50 ownership rights) Klarna’s Australian and…
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