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Klarna Appoints Two New Directors to Board

Press release   •   May 24, 2012 12:12 BST

Nigel Morris, co-founder of Capital One, and Anton Levy, Managing Director of General Atlantic join Klarna Board of Directors.

Stockholm, Sweden – May 24 – Klarna, a leading European online payments service, today announced that Nigel Morris, co-founder of Capital One, and Anton Levy, Managing Director of General Atlantic will join its Board of Directors. Members of the board also include Michael Moritz of Sequoia Capital, Klaus Hommels of Hommels Holding, Chairman Eva Cederbalk and Klarna’s founders.

With 6 million shoppers already using Klarna for simple after-delivery online payments, Klarna is rapidly becoming the most trusted payment service in Europe. Today, Klarna handles over $2.5 billion worth of transactions annually for 15,000 merchants across Europe. In December 2011, Klarna announced $155 million of financing from DST Global and global growth investor, General Atlantic.

“Nigel Morris has an exceptional background from the payments industry, and pioneered changes to credit cards at Capital One. Anton Levy is a seasoned investor and an expert on providing strategic assistance to propel companies like Klarna to the next phase of an international growth strategy. They will both provide invaluable expertise to the Board going forward”, said Sebastian Siemiatkowski, CEO and co-founder of Klarna.

“Klarna can provide game-changing opportunities for both merchants and customers on a global scale. I look forward to working with such a talented management team and contributing to a growing company," said Nigel Morris, co-founder of Capital One.

“I am delighted to be joining Klarna’s board at such an important time for the online payment market. By separating buying from paying, Klarna has an incredible opportunity to become the most easy-to-use and safest solution for both merchants and consumers on a global basis,” said Anton Levy, Managing Director at General Atlantic.

Nigel Morris is the co-founder of Capital One Financial Services which grew to one of the largest issuers of Visa and MasterCard in the world. During his 10-year tenure, Capital One’s sales grew at a compound annual rate of more than 40 percent, leading to revenue of $11 billion and a market capitalization of $18 billion. Upon his retirement in 2004, Capital One had expanded into the United Kingdom and Canada, employed 15,000 people and managed over $80 billion of loans for 50 million customers. Nigel Morris is today the managing partner of QED Investors.

Anton J. Levy is a Managing Director at General Atlantic, a global growth equity firm, where he has worked since 1998. Mr. Levy heads General Atlantic's global Internet and Technology practice and serves on the firm's Executive Committee. Mr. Levy has worked closely with many of General Atlantic's portfolio companies and is a director of several portfolio companies including Affinion Group, AKQA, Gilt Groupe, Red Ventures and (NASDAQ: WWWW), and manages a number of the firm's other investments in the internet, marketing services and media areas. He formerly served on the boards of Dice Holdings (NYSE: DHX), MercadoLibre (NASDAQ: MELI) and Zantaz Corporation.

Klarna offers safe and easy-to-use payment solutions to e-stores in Europe and was founded in 2005 with the ambition to make e-commerce safer and simpler. At the core of Klarna’s services is the concept of after delivery payment, which lets buyers receive ordered goods before any payment is due. At the same time, Klarna assumes all credit and fraud risk for e-stores so that sellers can rest assured that they will always receive their money. Klarna’s vision is to enable trust and to offer a frictionless buying experience to buyers and sellers across the world. Today, Klarna’s payment solutions are integrated by more than 15,000 online shops in Sweden, Norway, Denmark, Finland, Germany, Austria and the Netherlands.