Klarna CEO Sebastian Siemiatkowski confirmed in a social post on X that the firm is considering accepting cryptocurrency.
In his post on 8 February, he stated that he had “given up” and declared that both Klarna and he personally would “embrace crypto”.
Siemiatkowski jokingly acknowledged that Klarna might be the last major fintech to adopt crypto, calling it a “historic” moment and noting that “someone had to be last” – which, in itself, is “a milestone of some sort”.
While Siemiatkowski’s initial post was somewhat vague, he actively sought input from the crypto community and asked for suggestions on how Klarna should approach the integration.
He highlighted Klarna’s scale, mentioning its 85 million users worldwide, $100bn in transaction volume, 500,000 plus merchants and over a million issued cards. He also pointed out that around 30% of Klarna’s transaction volume comes from debit, not credit.
Among the replies was a suggestion to allow people to use Klarna’s BNPL to purchase crypto, which Siemiatkowski shot down with a “probably not”.
The use of BNPL to purchase items both online and in-person has skyrocketed in recent years, as reflected in the numbers shared by Klarna’s CEO. At the same time, crypto is becoming more mainstream, partly due to a push from US President Donald Trump‘s administration, which is formulating pro-crypto policies.
Meanwhile, traditional banks are also becoming increasingly involved in crypto. Just last week, Coinbase urged federal regulators to update guidelines, allowing banks to provide crypto custody and execution services – either directly or through third parties.
Therefore, while Klarna will perhaps not allow people to purchase crypto with BNPL there is scope for payment processing with crypto. On the other hand, this could be a hint that the firm will establish separate divisions – one focusing on BNPL and the other on crypto – keeping the two separate rather than merging into a single offering.
After replies full of ideas flooded in, Siemiatkowski wrote that the suggestions would “fill his to-do list for some while”, adding that he found it interesting how so many were highlighting full compliance as a key advantage.
A headache for regulators?
Regulators in many countries are still ironing out rules around both BNPL and crypto. In the UK, BNPL firms are patiently waiting for the nation to clarify its stance, with regulation expected to be announced later in the year.
Introducing crypto into the mix could further complicate regulatory efforts. Many jurisdictions are already struggling to create a clear framework for digital assets, as they aim to balance innovation with consumer protection.
If Klarna moves forward with crypto integration – whether as a payment processor or through another avenue – regulators may have to consider new compliance measures. Additionally, concerns around money laundering, fraud and consumer debt could lead to stricter oversight.
