Aug 10, 2021

Share Thanks to Square’s $39 billion bid for Afterpay, there are few markets as hot as the buy now pay later space, but one Melbourne investment group bought in just in the nick of time. Shortly before the largest deal in local M&A history, it’s understood that corporate advisory and wealth management firm BMY Group snapped up a $15 million parcel of shares in Swedish BNPL giant Klarna, via a secondary share sale. The Melbourne wealth manager has bought up shares in Klarna in a secondary sale. With comparable stocks such as Zip and Sezzle trading up 20 per cent and 14 per cent respectively in the aftermath of the deal, it’s not a stretch to expect Klarna’s value to also be given a significant boost. The second highest valued private fintech in the world, Klarna a $US46 billion valuation in June when it raised $US639 million in a round led by SoftBank - a $US7 billion increase on its valuation achieved just three months earlier. Its share register is dominated by its founders Sebastian Siemiatkowski, Niklas Adalberth and Victor Jacobsson, as well as the likes of Sequoia Capital, General Atlantic, DST Global, Dragoneer, Institutional Venture Partners, Jupiter Asset Management, SoftBank, PE firm Silver Lake and Australia’s Commonwealth Bank (which owned 5 per cent as of January). Advertisement