TECHNOLOGY scale ? acorns and rn
AS GROWTH ACROSS THE FINTECH INDUSTRY SLOWS AND CONTRACTS , WE TAKE A LOOK AT HOW FINTECH DECACORNS HAVE BEEN AFFECTED
WRITTEN BY : JOANNA ENGLAND
The news that the world ’ s largest and most successful Buy Now Pay Later company , Klarna , had lost US $ 40bn from its valuation , shocked the financial sector .
The Swedish lending giant had increased in size 10-fold over the pandemic period as online spending skyrocketed and government hardship packages and devaluation of currencies kept cash circulating across economies .
But when the party stopped , the drop in valuation was more dramatic than most experts had predicted . And although Klarna has by no means been the only fintech to suffer during increased interest rates , inflation and new industry regulations , it certainly fell hardest . The move has also signalled a re-evaluation of priorities for top fintech business leaders as valuations contract , hiring is paused and IPOs are delayed .
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