Klarna evaluating removing co-founder’s key ally from board – FT

The board of Klarna, (KLAR) the company that offers installment payment plans at checkout, is considering removing a key ally of one of the company’s co-founders as the firm is on the verge of going public.

The “buy now pay later” firm is expected to make a decision on whether to oust Mikael Walther, an ally of founding partner Victor Jacobsson, at a board meeting on Wednesday, according to a Financial Times report on Tuesday, which cited people familiar with the matter.

It’s possible that the board will decide to keep Walther, according to the report. The vote comes as the company is working towards an initial public offering that Bloomberg said in May may come in Q125 and the company would be valued at $~20 billion.

Earlier Tuesday, Klarna posted an adjusted operating profit of SEK 0.7B in the first half of 2024 compared with -SEK 0.5B in H1 2023,

Klarna (KLAR) competes with Affirm (AFRM) and Block, Inc.’s (SQ) Afterpay.