ASOS’s Kamaluddin joins payments company Klarna to 'revolutionise UK m-payments'
Klarna, one of many European payment providers vying to crack the m-payment market, has seen Jon Kamaluddin, former international director at the online retailer ASOS , join the board to drive uptake of mobile payments into the UK.
“Klarna already works with many of the biggest retailers in Europe. I'm excited to be part of its mission to bring a high level of sophistication to the UK eCommerce market and reform our current broken mobile payments systems. Klarna is the solution I wish I'd had when I was at ASOS,” explains Kamaluddin.
Kamaluddin was international director at ASOS from 2009 to 2013 after having spent five years as CFO. In his role as international director, Kamaluddin led ASOS global expansion, including the U.S., Russia, China, Germany, and Australia, which helped ASOS grow its overseas sales to almost 60 per cent of its overall sales. He also served as a member of ASOS Board of Directors.
Founded in Stockholm in 2005 and currently valued at around $1 billion, Klarna’s Checkout service allows consumers to make online purchases using only their e-mail address and postcode, with no unnecessary pre-registration or credit cards needed. Through its solution, Klarna allows retailers to experience checkout conversion rates of up to 80 per cent. It also allows consumers to have a product delivered before they have to pay for it.
Klarna is active in 15 European countries and currently holds 10 per cent market share in greater Europe's $100 billion eCommerce market. Some 25 million customers have used the platform and 45,000 registered merchants, including Spotify, Vista Print, Marks & Spencer and ASOS in Germany, have benefited from the increased conversion rates it delivers.
Klarna recently launched its flagship product Klarna Checkout in the UK. After a soft launch with retailer Fitnessguru, it is now widely available to UK retailers.
“ASOS has done for ecommerce what the Beatles did for pop and Jon is a rock star. Jon brings a wealth of consumer business experience alongside a proven track record in successful geographical expansion. He’s the perfect fit for our future ambitions and we couldn’t be happier.” said Sebastian Siemiatkowski, CEO and co-founder of Klarna.
The board currently consists of 8 members, including Sir Michael Moritz of Sequoia Capital.