Swedish fintech company Klarna was announced today its first subscription plan, “Klarna Plus”, for $7.99 per month, with benefits such as no additional service charges when using Klarna’s One Time Card, double reward points and access to exclusive discounts with popular brands.
The company also has a new welcome offer for subscribers, saving them $8 on their first Klarna Plus purchase.
“Our research shows that dedicated Klarna users are looking for an enhanced shopping experience through a subscription model,” David Sandstrom, Chief Marketing Officer, said in a statement. “Klarna Plus addresses this demand, allowing us to deepen our engagement with 37 million loyal consumers in the US while further diversifying a portfolio of payment and shopping solutions.”
One of the most attractive benefits of Klarna Plus is that shoppers using the Klarna One Time Card – a one-time virtual payment card – pay no service fees. The company says this can help loyal Klarna users save around $12 a month.
Additionally, Klarna Rewards Club members earn double points on purchases, making it easy to earn points and unlock Klarna rewards from brands like Adidas, ASOS, Best Buy, COACH, Foot Locker, H&M, Nike, Macy’s, Missguided, Saks OFF 5th, Sephora and Shein.
The new monthly subscription plan also includes special discounts at Nike, COACH, Macy’s, Instacart and GOAT, totaling up to $30 per month. Klarna says it will release more features soon.
The company is likely to enter the subscription market to boost recurring revenue ahead of an expected initial public offering (IPO). For investors, subscription revenue is believed to be more stable and predictable compared to one-time transactions. Klarna will also expand its high-yield savings account to other markets, which is currently only available in Germany and Sweden.
Confirm, another major player in the buy now, pay later (BNPL) sector is According to reports also considering a monthly schedule.
