Founded in Sweden and now headquartered in the UK, Klarna Group plc has evolved into a major digital commerce network facilitating $128 billion in GMV during 2025 across 26 countries. The company’s rapid expansion, driven by network effects and innovative AI underwriting, powered 25% revenue growth last year despite widening losses led by credit costs and regulatory headwinds. Klarna’s future growth hinges on scaling its Fair Financing product, expanding merchant partnerships, and navigating credit and legal risks while maintaining strong liquidity supported by deposit-based funding.