Visa Inc. announced Tuesday an agreement to invest in Europe-based online payments company Klarna, and plans to develop a future strategic partnership, to accelerate online and mobile commerce in Europe. Details of the investment were not disclosed. Klarna serves 60 million consumers and 70,000 retailers. "Klarna has demonstrated an expertise in consumer credit and online purchasing and together, we share a vision for how today's online and mobile commerce experiences can be as simple as they are in the real world," said Visa EVP Jim McCarthy. Visa's stock, which was still inactive in premarket trade, has rallied 22% year to date through Monday, while the Dow Jones Industrial Average has gained 8.3%.
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