Klarna UK boss quits but predicts BNPL firm will “trailblaze” in payments and banking
Klarna’s UK boss Alex Marsh announced today that he was stepping down having been at the firm for four and half years.
Marsh, who joined Swedish buy-now pay-later (BNPL) firm Klarna in 2018, described his time at Klarna as “nothing short of phenomenal”.
However, he said that a recent family tragedy has “brought home that life is short…this experience has underlined the importance of prioritising what matters most – our family and loved ones.”
He highlighted that in the time he has worked there, Klarna’s customer base has grown from 1.5m to a “staggering” 18m.
“I wish you all the very best as Klarna will no doubt continue to trailblaze in the world of payments, shopping and banking,” Marsh said.
Quitting at a critical time for BNPL
The announcement comes at a critical time for the BNPL sector as regulators work out how to best bring it under their remit. Last month, the Treasury closed a consultation on how the sector will be regulated.
Among the measures set to come into force are firmer credit checks on borrowers and expanding the remit of the City’s complaints watchdog, the Financial Ombudsman Service, to allow shoppers to dispute claims.
Marsh has previously told City PM that “we already offer regulated credit products in the UK” and has beefed up its affordability checks on customers.
Ministers are aiming to lay secondary legislation for the sector by midway through this year before the FCA is then able to consult on a framework for firmer regulation. The timelines of the next steps could mean that rules for the sector do not come into force until 2024.
“After four and a half years in a variety of roles at Klarna, Alex has chosen to move on. We are extremely grateful for all that Alex achieved during his time with us and are excited to follow his future journey,” a Klarna spokesperson said.