Shalom Life | December 21, 2014

Swedish-Israeli Payment Solution Company Takes the Fear Out of Online Shopping

Algorithm solution allows customers to pay after goods are received. Klarna raises $155 million in recent fund raising round.

By: Tiffany Stelman

Published: February 6th, 2012 in Business » Israel

Swedish-Israeli Payment Solution Company Takes the Fear Out of Online Shopping

News outlets around the world report on the rising trend of online shopping. In many instances, they say, it even overtakes shopping in stores. But while buying online is on the rise, are our concerns about providing credit card information online any less pertinent than they were years ago?

Many still worry about online shopping and that is why Swedish-Israeli company Klarna says it is continuously working to make online consumers feel safer about sharing their information. Founded in Sweden in 2005 by three students from the Stockholm school of Economics, Klarna is one of Europe’s leading providers of payment solutions for online businesses.

“We do this by letting the consumer receive the goods first and pay afterwards, while we assume the credit and fraud risks on goods from the e-stores.”

The company’s payment solutions,which are built using the Israeli programming language Erlang, are offered by more than 12,000 e-stores across Europe – mainly in Germany, Netherlands, Sweden, Finland, Norway and Denmark. The office in Israel focuses on Research & Development (R&D). Today the company has over 600 employees, most of them working at the headquarters in Stockholm.

“The main idea is that we – instead of just looking at the credit information of the customer – analyze and predict the buying behavior of the consumers,” Yuval Samet, one of the company’s founders, tells NoCamels.

Klarna’s aim is to attract those people who currently avoid online trade due to information security breaches and the possible risks in providing websites with credit card details.

In May 2011, Klarna acquired the Israeli company Analyzd. “We see a great opportunity to dip into the talent pool of Israel and attract new talents to our company, especially within the high-tech segment,” adds Samet.

Last month Klarna received $155 million from new investors. The funding, according to the company, will be used to expand to new countries in Europe, grow in existing markets, develop their services and attract more talent to the organization during the coming year.

This article is reprinted with permission from NoCamels.

Ambassador Dan Shapiro Urges U.S. Collaboration with Jerusalem College of Technology Ambassador Dan Shapiro Urges U.S. Collaboration with Jerusalem College of Technology TrendingHarvard President Not Sold on BDS Harvard President Not Sold on BDS TrendingStartup Club: Yo Sox Startup Club: Yo Sox Trending
 

Top 50 Hottest Jewish Women of 2014 (30-21)

December 19, 2014 | By Ashley Baylen
Top 50 Hottest Jewish Women of 2014 (30-21)

Join Shalom Life in celebrating the 50 most talented, intelligent, funny, and beautiful Jewish women of the year.

Read More

Analyst Suggests Qatar 'Give' World Cup 2022 to Gaza

December 19, 2014 | By Daniel Koren
Analyst Suggests Qatar 'Give' World Cup 2022 to Gaza

Tom Gross argues that the move would be beneficial for Palestinians in Israel

Read More

Natalie Portman Explains How 'Star Wars' Almost Ruined Her Career

December 19, 2014 | By Sara Torvik
Natalie Portman Explains How 'Star Wars' Almost Ruined Her Career

The 'Black Swan' actress says no one wanted to work with her after 'Star Wars'

Read More

Liberace's Hologram to Go On World Tour, Starting in Las Vegas

December 19, 2014 | By Sara Torvik
Liberace's Hologram to Go On World Tour, Starting in Las Vegas

The deceased performer will be entertaining a whole new generation of fans.

Read More

Adam Levine's Maroon 5 Rock Out at The People Magazine Awards [VIDEO]

December 19, 2014 | By Sara Torvik
Adam Levine's Maroon 5 Rock Out at The People Magazine Awards [VIDEO]

On Thursday evening, Maroon 5 wowed the audience with a live performance of 'Animals'

Read More

Oops! Drake Confused Adam Silver for Donald Sterling

December 19, 2014 | By Sara Torvik
Oops! Drake Confused Adam Silver for Donald Sterling

At the Toronto Raptors Drake night, Drake mixed up some important names.

Read More

Ambassador Dan Shapiro Urges U.S. Collaboration with Jerusalem College of Technology

December 19, 2014 | By ShalomLife Team
Ambassador Dan Shapiro Urges U.S. Collaboration with Jerusalem College of Technology

Shapiro visited the college for a private demonstration of several ground-breaking technologies developed by students

Read More

This British Politician Is Trying to Put an End to Racism & anti-Semitism on Twitter

December 19, 2014 | By Daniel Koren
This British Politician Is Trying to Put an End to Racism & anti-Semitism on Twitter

Luciana Berger, the subject of some 2,500 anti-Semitic tweets earlier this year, wants the platform to ban racist words

Read More

More Headlines