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Swedish online payments startup Klarna said Tuesday it had reached a valuation of $5.5 billion, following a $460 million funding round, making it Europe’s largest private fintech company – told the techstartups.com.

Klarna provides e-commerce payment solutions for merchants and shoppers.

Klarna offers a ‘buy now, pay later’ service for shoppers. “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,” the company said in a press release.

Klarna is now one of Europe’s largest banks and is providing payment solutions for 60 million consumers across 90,000 merchants in 14 countries.

Klarna announced a partnership with Snoop Dogg earlier this year, which saw the rapper invest in the company and feature in an advertising campaign for it. CEO Sebastian Siemiatkowski recently said he thinks the firm has matured to a level where it could launch an initial public offering.

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