Klarna Launches Loyalty Program, Physical Card to Shore Up User Base

Klarna is not having the 2022 it had anticipated. Just a few months after announcing plans for an aggressive expansion at the end of last year, disturbances in the market have led to Klarna cutting large portions of its workforce and curtailing its buildup into new markets. Worse, it’s been reported that the company has been negotiating at a value of $15 billion, down from its $45 billion valuation last year.

But that doesn’t mean that the Swedish BNPL titan is done innovating. In an attempt to retain its user base and attract new customers, Klarna is announcing new services, including its Stocard-backed loyalty program.

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“At Klarna, we want to give consumers the world's best shopping experience, no matter whether that's online or on the high street,” said Chief Product Officer David Fock in an announcement about the loyalty program. “By equipping users with a digital space to conveniently collect their loyalty cards, we are raising the physical shopping experience to a new level of convenience and flexibility.”

The launch of Klarna’s new digital loyalty card coincides with the forthcoming U.S. release of a physical card through Marqeta. The new card will allow users to utilize the company’s popular BNPL features with in-store purchases at a variety of brick-and-mortar merchants.