In today’s top payments news around the world, Klarna raised $639 million in equity funding, while two Chinese grocery delivery startups have filed to go public in the United States. Plus, the Basel Committee on Banking Supervision is looking for input on cryptoasset regulation.
Sweden-based Klarna notched $639 million in equity funding. The deal values the buy now, pay later (BNPL) firm at $45.6 billion. Klarna said it would harness the infusion to grow internationally and further capture retail customers. The firm has enjoyed quick growth in the decade since its founding. “Consumers continue to reject interest- and fee-laden revolving credit,” Founder and CEO Sebastian Siemiatkowski said in a previous report. “Klarna’s more transparent and convenient alternatives align with evolving global consumer preferences.”
Dingdong Maicai and MissFresh, two Chinese supermarket delivery upstarts, have filed to go public in the United States. MissFresh, which is based in Beijing, was rolled out in 2014 by Co-Founders Zheng Xu and Bin Zeng. The company is aiming to list under the “MF” ticker symbol on the Nasdaq. Dingdong, which is based in Shanghai, was co-founded in 2017 by Jorn van Dijk, Leonard van Driel and Onno Faber. The company is aiming to list under the “DDL” ticker symbol on the New York Stock Exchange.
The Basel Committee on Banking Supervision is seeking feedback on its preliminary ideas as to how the exposure of banks to cryptoassets should be treated. The proposed treatment splits digital assets into Group 1 cryptoassets, which include certain tokenized traditional assets and stablecoins, and Group 2 cryptoassets. Bitcoin is noted as a type of Group 2 cryptoasset. Group 1 cryptoassets would be qualified for treatment under the present Basel Framework with “some modifications and additional guidance” under the proposal. Group 2 cryptoassets would have a “new conservative prudential treatment” since they “pose additional and higher risks.”