In July last year, Klarna, the Swedish 'buy now, pay later’ firm, completed an $800 million fundraise at a valuation of $6.5 billion. This marked a collapse on its previous valuation of more than $45 billion just a year earlier.
At the time, many onlookers felt that the company’s management must have been desperate to accept such a hefty “down round”. In hindsight, it looks like Klarna was simply facing up to a market reality ...
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