Ant Financial buys minority stake in Swedish fintech Klarna

The stake was acquired for an undisclosed amount.

Ant Financial, the payment arm of Chinese e-commerce giant Alibaba, has bought a minority stake in Swedish fintech Klarna for an undisclosed amount, CNBC reports.

A Klarna spokesperson said the stake was under 1% of ownership in the startup composed of a mix of primary and secondary shares.

Klarna is known for its “buy now, pay later” scheme that offers shoppers interest-free financing over monthly installments.

Ant Financial’s mobile wallet subsidiary Alipay has been working with Klarna to embed its payment platform into AliExpress to offer financing to the e-commerce site’s users.

Here's more from CNBC.