The Swedish FinTech behemoth Klarna, renowned for pioneering the Buy Now, Pay Later (BNPL) model, is gearing up for a potential $20 billion US initial public offering (IPO) slated for as early as the third quarter of 2024. This move follows a tumultuous period for the BNPL firm, which seeks to transcend internal conflicts among stakeholders and a significant downturn in its valuation.

With its sights set on the horizon, Klarna is harnessing the power of AI to orchestrate what could be the most significant IPO of 2024.

In 2021, Klarna soared to a pinnacle valuation of $45.6 billion, clinching the title of Europe’s most valuable startup. However, the tide turned swiftly as escalating interest rates prompted investors to retreat from lending platforms, precipitating a drastic decline in Klarna’s valuation to $6.5 billion within a mere year.

Klarna’s AI assistant, operating independently during its inaugural month, is capable of autonomously managing nearly 70% of customer requests, effectively performing tasks equivalent to those carried out by 700 full-time agents. 😳

Following a successful 4-week pilot period, the Klarna AI Assistant, fueled by OpenAI’s ChatGPT, has been launched globally.

Furthermore, notable insights and data from this deployment include:

  • The AI assistant achieves comparable levels of customer satisfaction to human agents.
  • Its precision in resolving tasks results in a significant 25% reduction in repeat inquiries.