Thanks those figures are so poor, I could not believe it. Its not even a competitor to worry about based on that article.Klarna Australia suffered a 71 per cent slide in merchant and consumer commission revenue to only $3.1 million in 2021.
In 2020, it generated $10.8 million of income from commissions.
One of the most worrying features of Klarna’s business performance in Australia is that the massive revenue slide occurred in a year that the marketing and advertising budget more than doubled to $27 million.
An equally worrying signpost of the company’s troubled performance was the blowout in credit loss charges from $169,271 in 2020 to $8.5 million.
This means that credit loss expenses are running at almost three times top-line revenue.
Moreover, total credit loss expenses in 2021 equated to about 56 per cent of the $15.1 million worth of receivables reported on the Australian balance sheet.
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