Swedish payment provider Klarna is acquiring Close Brothers Retail Finance (CBRF) from UK merchant banking group Close Brothers Group to strengthen its position in the UK’s retail finance market. Michael Rouse, CCO of Klarna, says: “What CBRF has achieved to date in the UK is impressive but together we can invest in realising the full potential of the business.”

Founded in 2014, CBRF is an omnichannel retail finance provider, with over 600 active merchants in the UK as clients, including brands such as Samsung Electronics, Mothercare, GAME, Jessops, Ebuyer, Emma Mattress, Cotswold Outdoor and Victorian Plumbing.

The CBRF business had a loan book of £66 million on 31 July 2018. Financial details about the acquisition were not disclosed.

The acquisition is subject to approval by the Financial Supervisory Authority of Sweden.

To have an idea of what Klarna is doing, here are last year’s financial results. Not too shabby. Recently, it joined forces with Worldpay to expand e-commerce payment services.