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Lifestyle
Maya Ernest

Klarna to lay off 10 percent of its workforce as consumers shun layaway

Klarna Sebastian Siemiatkowski United States

Klarna plans to lay off about 10 percent of its total workforce. Sebastian Siemiatkowski, CEO and co-founder of the buy now, pay later service, made the announcement to his employees in a message on Monday. The “vast majority” of Klarna employees won’t be affected by the measures, he wrote, although some “will be informed that [Klarna] cannot offer [them] a role in the new organization.”

The layoff announcement comes after The Wall Street Journal reported Klarna is set to lose a third of its market value in a new round of funding. The privately held company was last valued at $46 billion in an investment led by SoftBank and currently has more than 6,500 employees.

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