Klarna drew retailers by promising that using their buy now, pay later service would lead to larger purchase amounts and encourage repeat business. The company also offered joint marketing campaigns and discounts to retailers to enable their customers to access interest-free loans.

Klarna's founder, then 43 years old, aggressively pursued US retailers in 2015 to overtake competitors like Afterpay and Affirm. With influential backers like Michael Moritz from Sequoia, Klarna gained traction by securing partnerships with celebrities like Snoop Dogg and Lady Gaga. The deal with Walmart was a significant opportunity for Klarna to reach more US consumers.

The upcoming IPO of Klarna is eagerly anticipated, with expectations of being one of the biggest of the year. Klarna's recent deals, such as partnering with Walmart and DoorDash, have stirred industry rivalries and affected competitors like Affirm. Klarna's emphasis on gross merchandise volume has driven its aggressive pursuit of partnerships, facing criticism and scrutiny along the way.

The competition between Klarna and Affirm, led by their founders Siemiatkowski and Levchin, has been closely watched. While Klarna emphasized direct consumer relationships, Affirm focused on merchant partnerships, leading to differing business strategies and market approaches. Klarna's relentless pursuit of growth has raised concerns about the sustainability of its business model and the potential risks involved.