Klarna is offloading most of its U.K. “buy now, pay later” portfolio to hedge fund Elliott in a deal that could free up as much as GBP 30B for new loans, The Financial Times’ Akila Quinio, Costas Mourselas, Ivan Levingston and Robert Smith report, citing people familiar with the matter. The deal is expected to allow the fintech to continue to pursue its growth targets ahead of a U.S. IPO. Terms of the deal have not been disclosed. Klarna competes with companies including PayPal (PYPL) and Affirm (AFRM) and its backers include SoftBank (SFTBY), Ant Group (BABA), and Visa (V).
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