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Klarna, nearing IPO, plucks lucrative Walmart fintech partnership from rival Affirm

CNBC
Summary
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84% Informative

Klarna will be the exclusive provider of buy now, pay later loans for Walmart , taking a coveted partnership away from rival Affirm .

Walmart 's majority-owned fintech startup OnePay will handle the user experience via its app, while Klarna makes underwriting decisions for loans ranging from 3 months to 36 months in length.

The new product will be launched in the coming weeks and will be scaled to all Walmart channels by the holiday season .

"We're looking forward to going down this new path where not only can they provide installment credit.. but also revolving credit," Walmart CFO John David Rainey told investors in June . — CNBC 's MacKenzie Sigalos and Melissa Repko contributed to this report..

VR Score

85

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85

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55

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formal

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English

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54

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