Klarna founder Sebastian Siemiatkowski gave an interview on the creation of Klarna and the challenges it had to face.
Interview key points:
- The first prototype of Klarna was ready in 4 months, but it took 4 years before the team subordinated the work of the IT department to the tasks of the business. The CEO had to fire a CTO, who was a great coder but a bad entrepreneur.
- When you have 40 offices in 20 countries, it is hard to make directive decisions.
- “As a place of work, we are not suitable for every job seeker. We want to be exceptional, to be a global leader. We need employees who are ready for large-scale challenges.”
- Traditional banks are afraid of Klarna, as they threaten their lending business.
- Competition is a healthy motivator. Thanks to competition with Afterpay (another major buy-now-pay-later service), Klarna is growing much faster than it could have.