The first real banknotes in Europe were issued in 1661 by Sweden’s first bank, Stockholms Banco – the predecessor of Riksbank, Sweden’s central bank. Although these banknotes were initially quite popular, their success was short-lived. Nearly 344 years later, a fintech startup was founded in Stockholm. A startup that quickly rose in popularity as a leading e-commerce payment company. This time, however, the success was not ephemeral.
This startup received a banking license in 2017, and recently raised $650M (€552.6M) in an equity funding round, at a post-money valuation of $10.65B (€9.01B). This makes it the highest-valued private fintech in Europe and now the 4th highest worldwide. The startup in question is Klarna.