phone and market graph

Friday Fundings: Klarna, Zwift, Tonal, and dLocal

Klarna Hits a $10 Billion Valuation

Klarna, a Sweden-based online payment unicorn, just raised $650 million in a new financing round. This brings the company’s total valuation to $10 billion. Silver Lake led the round with participation from GIC, BlackRock (BLK) and HMI Capital.

Klarna is best known for its “buy now pay later” services. Online retailers use Klarna to give their customers ways to pay for products in installments. This kind of payment system is quickly becoming more popular. For some time, retailers have offered installment payments for big-ticket items like furniture, but recently ecommerce vendors are allowing customers to pay for smaller items, from beauty supplies to electronics, in small chunks.

Over one third of consumers in the US have used an installment payment system. At a time when ecommerce is booming, and many people are in strained financial situations, these types of payment systems may become even more widespread.

At-Home Fitness Companies Zwift and Tonal Secure New Funding

The at-home workout boom shows no signs of slowing down. As evidence of investors’ belief in the industry, Peloton’s (PTON) shares have more than tripled since the company’s IPO. Startups in the sphere are also raking in funding. Zwift, an online fitness service that gives users biking and running workouts in virtual worlds, raised $450 million in a Series C round led by KKR. Tonal, which makes home gyms designed for strength training, just raised $110 million in a Series D round with participation from several high-profile athletes including Steph Curry, Bobby Wagner, and Michelle Wie.

Though some gyms have reopened, many remain shuttered. Even when the pandemic subsides, it’s likely that some fitness enthusiasts will stick to habits formed during the pandemic, and may still be more inclined to work out at home.

Cross-Border Payment Platform, dLocal

dLocal, a cross-border payment system, has become the first unicorn based in Uruguay after a $200 million funding round. Existing investor General Atlantic led the round with participation from new investor, Addition.

dLocal processes payments from 20 emerging markets for large companies including Spotify (SPOT) and Google (GOOGL). dLocal plans to use its new financing to move into 13 new markets in Central America, Africa, and Southeast Asia. Since the company began in 2016, dLocal has been profitable every year and has seen 100% annual growth over the past four years.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

All your finances.
All in one app.

SoFi QR code, Download now, scan this with your phone’s camera

All your finances.
All in one app.

App Store rating

SoFi iOS App, Download on the App Store SoFi Android App, Get it on Google Play

ABOUT SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit Want an easy and convenient way to manage your financial life? Get the SoFi app. For iOS and Android.

TLS 1.2 Encrypted
Equal Housing Lender