Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

Snoop Dogg-backed firm now Europe’s biggest fintech startup, valued at $5.5B

Swedish online payment firm Klarna, whose shareholders include Snoop Dogg, announced Tuesday it reached a $5.5 billion valuation following a $460 million funding round, asserting its status as Europe’s largest private fintech Opens a New Window. company.

Snoop Dogg invests in £2bn Swedish fintech company Rapper's investment firm Casa Verde has previously invested in cannabis-related businesses, such as weed delivery company. US rapper Snoop Dogg has bought a stake in financial technology company Klarna Bank.

The Swedish start-up, which was valued at $2.5bn (£2bn) in 2015, confirmed reports of the investment but would not comment on the size of it. "I've endorsed them, advised them, and now I'm looking to invest in them. I plan to keep growing the portfolio, ya dig?" Snoop Dogg, whose real name is Calvin Broadus, was quoted as saying.

The rapper, who has appeared in a YouTube video for the company, bought the stake through his investment firm Casa Verde Capital, which mostly invests in cannabis-related businesses, such as marjiuana delivery service Dutchie.

In the video, the 47-year old rapper is referred to as Smoooth Dogg for the purposes of Klarna's marketing campaign. The firm, which says it is one of Europe's largest banks, was founded in Sweden in 2015 and has expanded to 14 countries. It enables consumers to buy goods and services through various finance options and is used by 100,000 merchants.

The Stockholm-based startup, lead by CEO Sebastian Siemiatkowski, plans to expand into the U.S. market, joining several other European financial firms with its “buy now and pay later” model for consumers. Dragoneer Investment Group of San Francisco led the most recent funding round, solidifying its entry into the U.S. market.

Klarna announced its collaboration with Snoop Dogg in January with a series of commercials featuring the rapper who is both a minor shareholder and the face of the “Get Smoooth” campaign.

The partnership, born of transcontinental investment, catapulted the Swedish fintech startup to global notoriety when the commercials went viral and images of Snoop-Dogg with pure-bred elite dogs, on a set awash of millennial pink became social media meme fodder.

In a press release, Snoop-Dogg addressed his involvement as part of his European investment strategy.

“I’ve been looking for an opportunity to expand my tech investment portfolio to Europe and seeing the way Klarna operates and how they challenge the status quo, I think it’s a match made in heaven. I’m very excited about this partnership,” he said.

According to a recent press release about the funding round, Klarna currently services over 60 million consumers, 130,000 merchants, and is approaching $1 billion in annual revenue. They average 6 million new U.S. consumers each year and they believe the recent round of funding will fortify its strength in the foreign markets.

“The uniqueness of Klarna’s consumer offering, providing a healthier, simpler and smarter alternative to credit cards, with the addition of multiple services to smoothen the shopping experience, online and offline, is clearly resonating with the US consumer,” Klarna said in a statement.

Founded in Stockholm, Sweden in 2005, Klarna offers online consumers a seamless checkout experience with the option to pay now, pay later or over time with no interest. By directly purchasing inventory from the retailer, Klarna works with consumers to pay off the debt.

While he has not yet assigned a date, Siemiatkowski discussed the possibility of launching an initial public offering after H&M bought a stake in the firm and valued it at $2 billion.

"We have not taken a formal decision of listing, but Klarna is approaching a situation where I think we are more ready to list the company," Siemiatkowski told Reuters in an interview.

The CEO of the “tech unicorn” – a startup with a valuation of more than $1 billion – suggested that he is also interested in untapped markets like China.

“People refer to the U.S. market as extremely competitive but in my world, it cannot compare to the Chinese one. There is much more to do in markets that are not as competitive," Siemiatkowski said.



 



Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×