The strategic mission of Klarna Group is to become the world’s favourite way to buy. To enable them to do this, Klarna needed a system that would not only be reliable for their current customer base, but also give them the flexibility to create new products quickly and grow their business globally. Klarna had followed the path of many start-ups, building its in-house IT infrastructure quickly, and whilst its platform had been perfectly capable for developing the products they required for nine years, any further development was proving near impossible. The fast-growing start-up needed a platform that was future-proof, ultimately flexible and scalable to its steep business growth trajectory.
In 2013, Klarna made the decision to replace its in-house platform with a third party solution to help them achieve their aims and continue to maintain and grow their competitive edge in the marketplace. However, having searched for a long time, they came to realise that there were no packaged solutions that suited their requirements – a platform that they could utilise to quickly develop products and services unique to themselves, rather than an off-the- shelf solution. Developing a new in-house system from scratch would take too long and was too much of a risk. After several meetings and detailed discussions to understand the differentiating functionality on offer, Klarna chose to implement TranzAxis, the Open Development Payments Platform from Compass Plus Technologies.
Selected as the platform that best suited the innovative culture within Klarna, TranzAxis enabled the online payment provider to utilise their own existing R&D capabilities to develop and launch new services quickly and cost-effectively. The open and flexible nature of TranzAxis offered a future-proof option that Klarna could customise themselves for system development and global expansion.