• Business

    Klarna beats UK’s Revolut to become Europe’s biggest fintech

    Rapper Snoop Dogg in an advertisement for Klarna – Klarna Swedish online payments business Klarna has become the most valuable financial technology start-up in Europe after its valuation rose to more than $10bn (£7.7bn) in a new funding round. The company, which lets customers pay in increments for their purchases, has raised around $650m in funding from backers, bringing its valuation to $10.65bn. The investment was raised from Silver Lake, Singapore’s sovereign wealth fund GIC, BlackRock and HMI Capital have helped Klarna beat British rivals such as Revolut and Checkout.com whose valuations remain at $5.5bn. Klarna plans to use the fresh injection of funding to continue its global expansion, including in…

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  • Automotive

    Auto industry set to put brakes on central Europe’s COVID-19 recovery

    BUDAPEST/PRAGUE (Reuters) – The auto industry, long a driver of economic growth in central Europe, is likely to be one of the main drags on the region’s efforts this year to recover from the impact of COVID-19. FILE PHOTO: Employees work on an assembly line as the Volkswagen construction plant reopens after shutting down due to the coronavirus disease (COVID-19) outbreak in Bratislava, Slovakia April 28, 2020. REUTERS/Radovan Stoklasa/File Photo After communist rule ended in central Europe three decades ago, foreign carmakers invested heavily in a region that had a cheap and efficient workforce. The auto sector became an important source of foreign investment, employment and growth. But with car…

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