Klarna has acquired Italian payment company Moneymour, purchasing the startup from founders and minority investors. With the acquisition, the Swedish fintech company is establishing a product development hub in Milan and a foothold in the Italian e-commerce market.

Moneymour, founded in 2017 by Giacomo De Lorenzo and Michele Giannotta, allows online shoppers to buy on the spot and pay later in monthly installments.

After the acquisition, which is expected to close as soon as this business quarter, the Italian company’s intellectual property and full team will be integrated into Klarna.

“We’re impressed with what the Moneymour team has achieved so far, and we are also happy to now progress the establishment of our new product development hub in Milan. The talented team has developed an interesting offering for the Italian market, and with their knowledge and expertise we can further strengthen our underwriting capabilities in the market,” said Koen Köppen, CTO at Klarna.

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