As Klarna's losses quadruple, 2023 will make or break once BNPL’s top star 😵; Can tickets be the killer application for NFTs? 🤔; Most active crypto VCs you must know if you want to win 🚀

Good Morning FinTech, 1 September

Good evening Everyone,

And happy Thursday! Today’s issue is super juicy as we’re looking at Klarna’s quadrupling losses, which means that 2023 will either make or break once BNPL’s top star, question whether tickets could be the killer app for NFTs (it’s super interesting yet not that simple), and uncover most active crypto VCs you must know if you want to win (bonus is 22+ top Crypto & Web3 VCs with their portfolio, focus & key people to talk to AND a cheat sheet to triple your chances of getting funded). Let’s jump straight into the juicy stuff:

As Klarna's losses quadruple, 2023 will make or break once BNPL’s top star 😵

Reporting the numbers 🤲 Swedish Buy Now, Pay Later heavyweight Klarna just reported a dramatic jump in losses in the first half of 2022. This is yet another deluge of negative news for the BNPL pioneer once the industry’s brightest gem.

More on this 👉 Here are the key numbers from Klarna’s latest report:

• The Swedish payments firm generated revenues of SEK 9.1B ($950M) in the period spanning January to the end of June 2022. That was up 24% from a year ago.

• Klarna’s pre-tax loss soared more than threefold year-on-year to nearly SEK 6.2B. In the first half of 2021, Klarna lost around SEK 1.8B.

• Operating expenses before credit losses came in at SEK 10.8B, up from SEK 6.3B YoY, driven by administrative costs related to its rapid international expansion in countries like the US.

• Credit losses, meanwhile, rose more than 50% to SEK 2.9B.

What does this mean? 🤔 If you have been following Klarnageddon for at least a bit and have some basic financial understanding, you can sense that 2023 will make or break Klarna, once BNPL’s top star. Here’s the takeaway: