H&M Launches Pay Later In U.S. Market With Klarna

H&M now offers fashion fans in the U.S. a whole new way of paying for their fashion finds with an H&M-unique payment solution developed in collaboration with Klarna, a leading global payments provider.

New York, NY /PRNewswire/ - H&M wants to offer customers a truly modern shopping experience that is both flexible and convenient no matter where and how they choose to shop. Together with Klarna, H&M has now introduced a new unique payment solution in the U.S., enabling a frictionless and flexible checkout for customers across all channels. With Pay Later, fashion fans who are members of (or join!) H&M's loyalty program are offered the possibility to shop now and pay later both online and in stores using the H&M app. The purchases are handled within the H&M app where customers can decide how and when they want to pay.

"Shopping at H&M should be convenient, relevant and inspiring and we are happy to now offer fashion fans in the U.S. a whole new way of paying for their fashion finds. Through the partnership with Klarna, we have developed an H&M-unique payment solution that offers our fans a truly modern shopping experience no matter where and how they choose to shop," said Stefan Vos, Chief Financial Officer of H&M North America.

"The foundation of the Klarna and H&M partnership is a commitment to continuously develop smarter, simpler and engaging shopping experiences. We at Klarna are excited to now launch our leading Pay later offering together in the U.S. enabling a unique shopping experience for consumers - instore and online," said Sebastian Siemiatkowski, CEO at Klarna.

As part of the partnership, H&M and Klarna will continue to develop payment solutions to increase flexibility and convenience even further and make it even easier to shop at H&M, both in physical stores and online.

H & M Hennes & Mauritz AB (publ) was founded in Sweden in 1947 and is quoted on Nasdaq Stockholm. H&M's business idea is to offer fashion and quality at the best price in a sustainable way. In addition to H&M, the group includes the brands COS, Monki, Weekday, & Other Stories, H&M HOME and ARKET as well as Afound. The H&M group has 51 online markets and more than 4,900 stores in 74 markets including franchise markets. In 2018, net sales were SEK 210 billion. The number of employees amounts to more than 177,000. For further information, visit hmgroup.com.

About Klarna
Klarna, the leading global disruptor of payments and banking, and provider of smoooth retail services, was founded in Sweden in 2005. Klarna currently holds a post money valuation of $5.5 billion, which ranks Klarna as the largest private fintech in Europe and one of the largest private fintechs globally. Klarna provides merchants with a flexible range of preferred payment alternatives that enable consumers to easily and securely pay when and how they want everywhere - online and in-store. Over 130,000 merchants, including H&M, IKEA, Expedia Group, Sephora, Peloton, AliExpress, Samsung and many more have enabled Klarna's innovative shopping experience, that stretches beyond the actual transaction and also allows consumers to take control over their personal finances. Klarna has 2,500 employees and is active in 14 countries. For more information, visit klarna.com.

www.hm.com