Marqeta (NASDAQ: MQ), the global modern card issuing platform, announced today that it has expanded its partnership with Klarna, the leading global retail bank, payments, and shopping service, into 13 new European markets: the United Kingdom, Germany, France, Italy, Spain, Netherlands, Poland, Belgium, Austria, Ireland, Norway, Finland and Denmark.
This new European expansion of Marqeta’s partnership with Klarna began with the launch of Klarna’s UK shopping app in May 2021. This was followed by a broader expansion to 12 additional markets in September, with Marqeta supporting Klarna’s one-time virtual cards in all 12 markets. This represents a significant expansion of the scope of the two companies’ partnership, and a major win for Marqeta’s European business. Marqeta launched in Europe in 2018, and in November announced that the number of transactions processed by its European customers in the third quarter of 2021 increased by over 340% year-over-year.
“Klarna has seen significant growth of our consumer base in the past years, most especially in the US and partners like Marqeta support this trajectory. Marqeta’s tech platform has helped us quickly realise new or improved products in complex markets,” said Koen Kӧppen, Chief Technology Officer at Klarna. “We’re happy to now work with Marqeta in Europe to further leverage this expertise as we develop our offering.”
Klarna began using Marqeta’s modern card issuing platform in the United States in 2018, to power Klarna’s one-time virtual card in its mobile shopping app used to complete any purchase. Marqeta supported Klarna’s Australian launch in 2020 and its recent expansion into the New Zealand market. Klarna uses Marqeta’s industry-defining Just-in-Time Funding feature to give it control over the full transaction flow, as well as Marqeta’s robust, flexible technology and suite of more than 300 open APIs to power customizable product experiences and support Klarna’s rapid global scale.
“Marqeta’s partnership with Klarna is an incredible example of what our modern card issuing platform can support, helping them stand up and scale new payments experiences across three continents now,” said Jason Gardner, Founder and CEO of Marqeta. “We’re proud to enable such an innovative company in Klarna and are excited that they’ve shown this trust in our partnership to take on so much of their European business.”