STOCKHOLM, Sweden—For the first time in three years, the buy now, pay later firm Klarna has reported a profitable month.
The Swedish company has struggled to make money in recent years amid rising bad debts and weak consumer confidence, reported the Guardian, but now its CEO, Sebastian Siemiatkowski, said the company made a small net profit in May.
“…Results clearly rebut the misconceptions around Klarna’s business model, evidencing that it is incredibly agile and sustainable as we support our healthy consumer base in making sound financial decisions,” Siemiatkowski was quoted as saying.
Klarna said it still made an operating loss of 865m Swedish kronor ($81 million) for the second quarter.
This was an improvement on the same period last year when the company made a loss of 3.7bn kronor, The Guardian said.
Revenues increased by 17% to 5.5-billion kronor in the quarter and credit losses fell by 41% to one-billion kronor, The Guardian added.
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Bill to Better Regulate Crypto Industry Rejected in Australia
CANBERRA, Australia—The Australian government has rejected a bill that would have introduced new regulations for the cryptocurrency industry.
The bill, which was proposed by the opposition Labor Party, aimed to create a legal framework for crypto assets and service providers, as well as to protect consumers and investors from fraud and scams, Tekedia reported.
The bill was based on the recommendations of a Senate inquiry into Australia’s future as a technology and financial center, which was released in October 2022.
The inquiry found that Australia was lagging behind other countries in terms of crypto innovation and adoption, and that a lack of regulation was creating uncertainty and risk for the industry, Tekedia said.
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