Klarna co-founder and CEO Sebastian Siemiatkowski. Credit: Klarna

Klarna, a retail bank, payments and shopping service, has forayed into Portugal, and is providing its ‘Pay in 3’ buy now, pay later (BNPL) option.

With its launch in Portugal, the firm is now active in 19 markets across three continents.

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Consumers in the country can now use “Pay in 3” at any online store through the Klarna app and at integrated partner retailers such as Tradeinn, Sklum, Blackpeach or ISTO. It plans to add more international brands soon.

With ‘Pay in 3’ BNPL option, consumers will be able to make their payments for purchases in three instalments without being charged interest or fees, when they pay on time.

Instead of levying a charge on consumers, Klarna charges retailers that provide the BNPL service.

Klarna co-founder and CEO Sebastian Siemiatkowski said: “I am excited to launch Klarna in Portugal, a country with a population of early digital adopters who have already started to actively turn away from high cost credit options. We look forward to offering Portuguese consumers more sustainable shopping and payment options.”

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Klarna head of business development in Portugal Alexandre Fernandes said: “We’ll be working with our Portuguese retailer partners to help them grow their business in their home country, but also access a global community of shoppers.”

The launch in Portugal comes after the firm’s foray into Ireland on 9 November.

Set up in 2005, Klarna has over 90 million users in the world and records two million transactions daily.

It has over 4,000 employees and is backed by Sequoia Capital, SilverLake, Dragoneer, Bestseller Group, and several others.