Payment ‘disruptor’ establishes partnership with fashion retailer

Payment and banking provider Klarna has established a three-step payment process for online customers of fashion retailer, River Island.

Klarna’s ‘Pay in 3’ allows shoppers to split the cost of their online purchases into three equal monthly instalments, interest and fee free.

River Island is now amongst 170,000 merchants, including ASOS, Michael Kors, Superdry, Gymshark and Topshop to have implemented Klarna’s shopping technology.

Luke Griffiths, general manager at Klarna UK, said: “Over the last two years, River Island has invested heavily in its technology and customer service. By introducing Klarna, the team demonstrates its commitment to delivering a great experience for customers.

“Klarna is proven to increase conversion and customer acquisition for over 4,500 UK retailers, so we’re confident that we will accelerate River Island’s growth plans with a truly customer-centric payment experience.”

Sean Hastings, chief customer officer at River Island UK, added: “Introducing Klarna’s ‘Pay in 3’ gives our customers a more flexible way of buying into our latest collections.

“It’s a great benefit to River Island customers and Klarna’s credentials in this space made them the right partner to make it happen.”

With offices in Marylebone, Klarna was founded in Sweden in 2005 and holds a post money valuation of $5.5bn, ranking it as the largest private fintech in Europe.