Snoop Dogg-Backed Klarna Now EU’s Most Valuable Fintech Startup

Swedish payments and banking firm Klarna became the most valuable European fintech startup after new funding pushed its post-money valuation to $5.5 billion.

Klarna reached that status after raising $460 million in an equity round that will help it “continue its rapid rise in the U.S. market where it is currently growing an annual rate of six million new U.S. consumers,” the company said in a statement Aug. 6.

Snoop Dogg

Photographer: David Paul Morris/Bloomberg

With its new funding, the Stockholm-based startup leapfrogs European fintech darlings TransferWise and N26, which have recently been valued at $3.5 billion.

Klarna helps online shoppers arrange financing at points ...