Founded in 2005 in Stockholm, Swedish fintech giant Klarna was valued at $2.5 billion last year. This week they announced an unlikely new minority shareholder in US rapper Snoop Dogg. The size of the deal, which is a secondary investment, was not disclosed.
One of Europe’s biggest banks, Klarna’s primary aim is streamlining the online shopping process. They currently provide online payment solutions for 60 million customers in 14 countries across 100,000 merchants. Klarna have also secured a banking license, and have ambitions to launch a global hybrid payments credit card.
Growing the portfolio
Speaking to Forbes, Snoop Dogg, whose real name is Calvin Broadus commented;
“I’ve been doing business in Europe for years with fashion brands, telecommunication companies, and more.”
“I’ve endorsed them, advised them, and now I’m looking to invest in them. I plan to keep growing the portfolio, ya dig?”
Not only is Snoop Dogg investing in Klarna, but he’s also the face of their new marketing campaign. This will see him change his name to Smoooth Dog. The Campaign, which will include YouTube videos set to debut today, isn’t Snoop’s first foray into the investment game. The rapper was involved in the early stages of startups such as Robinhood, Reddit, and marijuana business Eaze.
“I learned a lot about business over the years. I gotta take it slow and make sure I do my research. It’s important that I really like the founders and that I have confidence they can lead these companies.”
Klarna CEO Sebastian Siemiatkowski claims that the company “have been on this smoooth journey for quite a while.” Klarna started a viral marketing campaign back in 2016 and decided to move to the next level this year.
“So we were wondering who is the smoothest person alive, that was really the background of how the name Snoop Dogg popped up in our heads. When we started speaking to Snoop Dogg, he was very keen to learn more about the tech industry, fintech, all these things, so we connected very well.”
“It’s so exciting to have Snoop Dogg on our cap table; it’s building new bridges and connections to creativity, people who dare to think in a new way.”
For his part, Snoop hopes to “give them advice on how the brand hits with culture.” He’s also looking at where he can help them align with other brands. The US rapper plans to work with Klarna on future marketing collaborations.
Last modified: March 4, 2021 2:30 PM