Klarna acquires universal shopping cart Shop.co
Ecommerce News Europe reports on the acquisition of Shop.co by Klarna. Klarna, a Stockholm-based ‘unicorn’ and Renovata client, is now one of Europe’s largest banks. It serves 60 million consumers across 89,000 merchants in 14 countries; and is best known for broadening consumers’ online payment options (e.g. pay after delivery, instalment plans) while simplifying and optimising the payment process.
German startup Shop.co, meanwhile, also simplifies shopping. The company has developed a browser extension which creates a ‘Universal Cart’, through which payments can be consolidated for any online retailer in the US, so removing the complexity of endless typing.
The financials of the deal have not been announced, but Ecommerce News Europe and other outlets report that Shop.co’s browser extension will be discontinued, and Klarna has executed the deal to acquire intellectual property and some of Shop.co’s talent pool.
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