Klarna losses more than triple as consumer spending slows

Buy now, pay later firm will issue smaller loans to some customers to return to profitability

Klarna, the buy now, pay later provider, has revealed that losses more than tripled in the first half of the year, saying it had slashed jobs and would issue smaller loans to some customers to return to profitability.

The Swedish payments company said operating losses rose to 6.2bn kronor (499m) in the six months to June, a figure which it blamed on rapid international expansion, higher credit losses in new markets, and rising staff costs. That compared with a 1.8bn-kronor loss last year.