Buy Now Pay Later

Sephora, Klarna To Offer Shopping With Installment Payments

JCPenney Seeks To Keep Sephora In Stores

Klarna, Sweden’s FinTech startup, has partnered with beauty retailer Sephora, according to a press release.

Customers shopping for the makeup, fragrances and skin care products on Sephora’s website are now able to take advantage of Klarna’s installment option. It allows shoppers to pay in four equal payments with no interest.

“Ease and convenience play an instrumental role in the Sephora client experience, and as a digital leader we have always adapted to the evolving needs of our beauty community and their shopping journey,” said Kim Stromberg, Sephora’s eCommerce general manager, in a statement. “With Klarna, we can continue to provide our clients the seamless shopping experience they know and love while increasing flexibility in our checkout offerings.”

Klarna CEO Sebastian Siemiatkowski said Sephora has built a reputation of providing an outstanding shopping experience.

“We are thrilled to partner with Sephora to ensure that clients are able to shop for the beauty brands and essentials they love with a new level of financial flexibility,” he said in a statement.

Sephora offers 25,000 products from 400 curated brands in more than 490 stores across the Americas, as well as over 660 locations inside JCPenney.

Founded in 2005, Klarna offers an alternative to credit cards. It is valued at $5.5 billion following a $460 million investment in August. The firm boasts 85 million customers and more than 200,000 retail partners worldwide, according to the release.

In March, PYMNTS reported German payments company Wirecard announced it partnered with Klarna for integrated payments.

The deal brings digital payment methods, Pay Now, Pay Later and Klarna Financing to merchants’ checkout process on Wirecard’s commerce platform.

“We are proud to team up with Wirecard to combine the best of our offerings into a single solution,” Luke Griffiths, commercial vice president at Klarna, said at the time.

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New PYMNTS Report: The CFO’s Guide To Digitizing B2B Payments – August 2020 

The CFO’s Guide To Digitizing B2B Payments, a PYMNTS and Comdata collaboration, examines how companies are updating their AP approaches to protect their cash flows, support their vendors and enable their financial departments to operate remotely.

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