Bloomberg – Klarna CEO Sebastian Siemiatkowski has not sold any action at the company’s billionaire this week – but still managed to use capital opening to consolidate his position on Fintech.
Prior to the offer, the 43 -year -old founder gave Klarna’s shares to ensure a $ 112 million loan, according to a person alongside the matter who spoke to Bloomberg.
The financing was granted last month by Banco Sueco Seb. Siemiatkowski offered around $ 980 million in shares such as warranty, according to IPO registration and regulatory documents.
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With a low leverage rate-10% in relation to the amount of guarantees-he used loan funds to buy another investor’s participation in a specific purpose company (SPV) that holds Klarna shares, the source said, who asked for anonymity because they are non-public information.
Although it already controlled SPV, the operation allowed it to further increase its participation in the company.
This bet has already begun to return.
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The value of Siemiatkowski’s slice at Klarna has risen more than $ 65 million since the beginning of negotiations on Wednesday (10), expanding the safety margin around the participation offered as a guarantee, according to Bloomberg calculations.
He now has more than $ 1 billion in Klarna (Klar) shares even after a 6.7% drop in papers on Thursday (11), which returned part of the almost 15% increase recorded in the previous day debut.
“I have full confidence in the company,” Siemiatkowski said in an interview with Bloomberg. “I made this commitment to the long run.” A Klarna spokesman declined to comment on the executive’s loan.
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Internal tensions
The size of Siemiatkowski’s slice at Klarna for a long time is a reason for tensions within the company.
On the eve of the IPO, he repeatedly entered conflict with co-founder Victor Jacobsson, from whom he is away. Throughout 2024, the two discussed governance – especially how Fintech would be listed on the scholarship and what would, in the end, be the degree of control of Siemiatkowski after the opening of capital.
Just three weeks before IPO’s request, shareholders voted to leave a counselor, Mikael Walther, who had contested some governance decisions. Walther represented Jacobsson’s interests on the board.
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The transaction with the SEB bank shows how big fortunes can be leveraged and illustrates the privileges that banks offer ultra -rare customers.
Although Siemiatkowski has doubled the bet on Klarna, the use of actions as a guarantee usually allows executives to diversify equity and expand liquidity without selling main assets.
He has used company actions to finance a luxurious lifestyle, including investments in high value properties, sailing teams and the Indian Wells Tennis Complex in California.
Mat Ishbia, owner of Phoenix Suns, compromised more than half of UWM Holdings shares in 2023 to raise funds before buying the NBA team for a record $ 4 billion.
For banks, granting credit based on individual shares or listed paper portfolios is often faster and simpler, as the amount of warranties can be verified immediately – unlike less liquid assets such as real estate, works of art or luxury yachts.
On the other hand, there is a risk of additional margin calls if the value of assets fall. “Many years ago I sold some of my Klarna actions,” said Siemiatkowski. “So I can buy a good house with my wife and make some pleasant trips.”
Stock
After supply, the capital sequoia is expected to hold about 22% of voting rights, according to regulatory documents.
Danish billionaire Anders Holch Povlsen, owner of the bestseller fashion retailer, should be approximately 8.9%; Co-founder Victor Jacobsson, with 8.8%; and Siemiatkowski, with 7.4%.
Klarna and her shareholders raised $ 1.37 billion at this week’s IPO, which had a strong demand from investors. Povlsen was one of the most profited, as his Family Office got a return over 600% of Fintech’s investment almost ten years ago.
According to Bloomberg Billionaires Index, he today has estimated equity at $ 6.7 billion.
For Siemiatkowski, the opening of capital should not bring major changes in the company’s daily life.
Klarna was already released quarterly results to investors and is under strong regulatory scrutiny as she expanded operations around the world. Founded in Stockholm, Klarna gained projection as a pioneer in the Buy Now model, Pay Later (BNPL), which became popular during the e -commerce boom in the pandemic years. More recently, the company has invested in bank products such as savings accounts, chains and credit cards.
Partnership with Walmart
In New York on Tuesday (9), Siemiatkowski seemed quiet in the face of events. More than IPO’s success, he said he was more excited about a recent visit to the city of Bentonville, Arkansas, where he visited the tomb of Sam Walton, founder of Walmart.
Klarna has sought to strengthen ties with the American retailer, who began to offer Fintech’s rapid credit service to her customers. In addition, a financial technology company supported by Walmart bought a participation in Klarna.
“Visiting Sam Walton’s tomb and reflecting on the fact that a Sweden boy was about to close an agreement with the world’s greatest retailer,” said Siemiatkowski. “In the emotional aspect, I have to admit that it has surpassed IPO itself.”
On the morning of Wednesday (10), he broadcast his visit to the New York Stock Exchange using smart Platforms glasses and showed followers the opening of negotiations while playing the bell alongside the company’s executives and Michael Moritz, chairman of Klarna and Sequoia.
He also wore a cap with the phrase “The Last Blockbuster”.
Blockbuster was once the largest video rental network in the United States. With the popularization of streaming, the company collapsed.
Today there is only one store in the city of Bend, in the state of Oregon. Siemiatkowski’s cap costs $ 26 on the store’s website, which does not accept Klarna as a form of payment.
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