Fintech Klarna will open a technology hub in Madrid and create 500 jobs

Klarna, the second fintech The largest in the world and the first in Europe, according to data from the consulting firm CBInsights, has chosen Madrid to open its new hub technological. The Swedish financial services company ensures that it will hire a team of 500 qualified engineers and professionals to develop and enhance solutions for all its business areas. Its clients include brands such as Mango, Adidas, Ikea, Samsung, Nike, Aliexpress, Expedia or Michael Kors.

The multinational, founded in Stockholm in 2005 and offering payment solutions (direct payments, payment options after delivery and installment payments), will make the announcement this Wednesday together with the mayor of Madrid, José Luis Martínez-Almeida, and Pablo Vázquez, general manager of Madrid Futuro. Klarna thus adds Madrid to its network of technology hubs, as it already has others in Stockholm, Berlin and Milan.

The fintech, which last year raised an investment round of 1,000 million dollars (about 880 million euros), which raised its valuation to 31,000 million dollars (about 25,700 million euros), landed in Spain in the summer of 2020 with an operations and sales team. Now, you are looking for engineers, product developers, designers and experts in data science and analytics, among other profiles. The company plans to incorporate the first of these profiles this year.

With the impulse of hub in Madrid, Klarna will greatly expand the size of its current office, transforming it into a global product development center. The company, which has 4,000 employees (1,400 engineers) around the world organized into more than 450 teams, highlights that the announcement comes at a time when Madrid is trying to position itself as a European benchmark for the high-tech industry, to attract more investors and startups to the territory.

According to data from the INE, the capital represents 26% of R&D spending in Spain and is already the third most important functional urban area in Europe. Sebastián Siemiatkowski, CEO of Klarna, highlights that Madrid has “a huge pool of talent and good universities”.

Klarna, the market leader in buy now, pay later (buy now and pay later), has among its investors Sequoia Capital, Bestseller, Permira, Visa and Atomico. The company, which allows users to defer payments for their purchases in various installments, without interest or solvency studies, has 90 million end customers, works with 250,000 businesses and manages two million daily operations.

Those responsible for the entity explain that they launched the project to facilitate online purchases, although they explain that their payment solutions are omnichannel and can be integrated into the checkout from the web pages of the stores, in their online applications or in physical stores.

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