Global payments and shopping service Klarna has entered a five-year partnership with Macy’s to offer its e-commerce customers flexible payment options. As part of the news, Macy’s has also taken an investment in Klarna signaling a new trend of retailers investing in tech companies.
Within the department store segment, Macy’s is one of the first companies to offer its customers Klarna’s buy now, pay later offering, which appeals to younger demographics who increasingly prefer alternative ways to pay but also to any consumer seeking flexibility and convenience. Amid e-commerce’s rapid acceleration, Macy’s has been fast-tracking digital initiatives and partnerships to quickly meet increased customer demand for online shopping and flexible payment options.
“With a strong focus on digital agility and innovation, Macy’s continually seeks strategic partnerships that enable us to provide our customers with the best possible shopping experience,” said Matt Baer, chief digital officer at Macy’s, Inc. “We’re excited to embark on a long-term relationship with Klarna that will help us reach wider audiences looking for seamless alternative payment solutions that provide them with financial control and convenience.”
“Macy’s is the shopping destination for American consumers, synonymous with quality, style, and celebration,” added Sebastian Siemiatkowski, CEO of Klarna. “Klarna is delighted to partner with Macy’s as the shift to online retail accelerates and the company continues to innovate and enhance its digital offerings to meet evolving consumer expectations, for which smart and flexible payments are essential. This strategic collaboration is firmly rooted in a shared obsession with offering a superior innovative shopping experience that builds lasting connections with consumers.”
With more than 200,000 retail partners globally and a U.S. consumer network of 9 million shoppers, Klarna offers consumers convenience, flexibility, and control. The Klarna app, which enables customers to shop at any online store, sees more than 12 million monthly active users globally.
In addition to integrating the Klarna Pay in 4 option on macys.com, Macy’s Inc. becomes an investor in Klarna.