Sweden’s Klarna buys Germany’s SOFORT for $150 million

Klarna, the Stockholm-based online payments company has bought Germany’s SOFORT for $150 million. With the acquisition, Klarna becomes one of the largest independent payments service in Europe. The company offers payment solutions for a wide range of online storefronts across Europe and did $200 million in revenue last year.

Klarna, the Stockholm-based payments company that has raised a whopping $250 million from top-tier investors like Sequoia Capital, is making an acquisition of its own. The company, which makes it easy for European consumers to buy goods online before paying, is acquiring Germany’s market leader Sofort. Together, they’ll have 10 percent market share in greater Europe’s $100 billion e-commerce market. Their network will cover 14 countries in the region and 43,000 merchants. Between them, they’ll have 25 million users and partnerships with more than half of Germany’s online merchants.