The Buy Now Pay Later Takeover | Maxing Out
2/18/202641 min
Klarna’s popularity in the United States soars as the Covid-19 pandemic closes brick-and-mortar stores and online shopping surges. But Klarna also has a fresh wave of competitors. And as consumers find themselves sucked into vicious debt cycles, Klarna and other Buy Now, Pay Later services are forced to navigate a backlash and new government regulation.
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Transcript preview
First 90 secondsDavid Brown· Host0:00
[upbeat music] It's late twenty twenty in London, England. Influencer Ahosa Ovienrioba lets out a squeal as she hits send on an email. She just sent a batch of videos to a brand's marketing director for approval. Once they sign off, she'll post them to her Instagram Stories and officially become a brand partner for one of the biggest companies she's ever worked with. Ovienrioba started posting on YouTube back in twenty ten, mostly giving beauty and lifestyle tips. At first, the posts were a fun, creative outlet while she studied law at school, but now it's her full-time job, and this latest deal is a major financial milestone. Ovienrioba can't sit still, so she picks up her phone and calls a friend.
Speaker 10:54
[phone ringing] Hey, how's it going?
Speaker 20:56
Oh, my gosh, you won't believe who I'm partnering with. This is my biggest deal yet.
Speaker 11:02
Oh, yeah? Who is it with?
Speaker 21:04
Klarna. I'm doing Instagram stories about how I use it to buy my favorite beauty products. Uh, h- hello? Are, are you there?
Speaker 11:15
Uh, yeah, I'm, I'm still here.
Speaker 21:16
Did you hear me? I just signed a deal with Klarna. Isn't that cool?
Speaker 11:22
How much do you know about Klarna?
Speaker 21:24
Uh, I mean, I've used it here and there. It seems like a good service. It lets you divide