Klarna's £30B boost: BNPL giant teams up w Elliott to fuel growth 💰; Citi's transformation: high-risk, high-reward bet on banking turnaround 🏦; BoA's 3Q24: a resilient giant poised for growth 📈

FinTech is Eating the World, 16 October

Hey Everyone,

Good morning & happy Thursday! Today’s issue is the best one yet as we’re looking into Klarna's £30B deal with US hedge fund Elliot (what it’s all about & why it makes sense + bonus reads on Klarna & co), Citi's transformation and bet on banking turnaround (unpacking Citibank’s most important Q3 2024 numbers, what they mean & whether Citi is worth your time and money in 2024 + bonus deep dives into other financials giants), and Bank of America’s latest financials that show a resilient giant poised for growth (breaking down the most important numbers, what they mean & what’s next for BoA). So let’s just jump straight into the amazing stuff 🌶️

Klarna's £30 billion boost: BNPL giant teams up with Elliott to fuel global growth 🤝💰

The news 🗞️ Swedish FinTech giant Klarna has entered into a strategic agreement with US hedge fund Elliott, offloading a significant portion of its UK Buy Now, Pay Later (BNPL) loan portfolio.

This deal is set to free up £30 billion in capital, providing Klarna with substantial resources to fuel its global expansion plans, particularly in the United States.

Let’s take a quick look at this and see why it matters.