Moritz will lead the company forth as it continues its push in the US by possibly becoming a US bank ahead of a stock market listing.
Klarna, an EU-regulated bank, announced that it has secured its next Chairman, Sir Michael Moritz, effective immediately.
Announced in a press release on Tuesday, Moritz, a veteran venture capitalist in Silicon Valley, has been named by Klarna, the Swedish Fintech that began in 2005, as its new Chairman to lead the company forth as it continues its push in the US by possibly becoming a US bank ahead of a stock market listing.
The EU-regulated bank, Klarna was asked if it has considered applying for a US banking charter. Sebastian Siemiatkowski, Chief Executive of Klarna, stated that although no decision had been made, “it’s definitely something we would consider.”
Concurrent to the new appointment at Klarna, Moritz also holds two other posts. Since early 2005 Crankstart, which supports vulnerable individual and organisations, onboarded him as Chairman. To date, he has held this role for sixteen years and is located in San Francisco.
Additionally, for the last thirty-four years and counting, he has been a Partner at Sequoia Capital, an American venture capital firm. This company, with offices in the US, China, India and Israel, provides seed, early, and growth stage venture financings and imparted the original major financings for Google, YouTube, PayPal, Yahoo!, WhatsApp, Zoom, Apple, Klarna and others.
Moritz brings extensive experience, roughly a third of a century in fintech companies. Additionally, he has been a director for the Swedish ‘buy now, pay later’ company for over ten years and earlier on he had a place on Google’s and Yahoo’s Board.
Three More to Join Klarna’s Board
The hiring comes at a time when Europe’s treasured private fintech is filling the seats on its board. In fact, it is investigating into becoming a niche group in fintech to conquer the US market. Along with Moritz, comes three other appointments to Klarna’s board: Omid Kordestani, the former Executive Chairman of Twitter; Sarah Smith, the former Chief Compliance Officer of Goldman Sachs; and Lise Kaae, a former Director of Handelsbanken.
In response to the new board appointment, Mr Siemiatkowski said: “Will it make it easier for us to IPO with a more international board? Sure. But it’s not the major thing.” Instead, he said they reflected rapid changes as it becomes a global financial brand. “What is interesting with Klarna, [is that] it has never happened before that a retail bank has genuinely scaled at this pace to become a global banking player, at least through organic growth. We want to make sure we have a board that matches that.”
Mr Siemiatkowski described Moritz becoming chairman as “a big honour”. He added: “I can’t recollect that he does it very often . . . During those times when we were struggling to find our way and direction, Sequoia was very supportive.”
Klarna, an EU-regulated bank, announced that it has secured its next Chairman, Sir Michael Moritz, effective immediately.
Announced in a press release on Tuesday, Moritz, a veteran venture capitalist in Silicon Valley, has been named by Klarna, the Swedish Fintech that began in 2005, as its new Chairman to lead the company forth as it continues its push in the US by possibly becoming a US bank ahead of a stock market listing.
The EU-regulated bank, Klarna was asked if it has considered applying for a US banking charter. Sebastian Siemiatkowski, Chief Executive of Klarna, stated that although no decision had been made, “it’s definitely something we would consider.”
Concurrent to the new appointment at Klarna, Moritz also holds two other posts. Since early 2005 Crankstart, which supports vulnerable individual and organisations, onboarded him as Chairman. To date, he has held this role for sixteen years and is located in San Francisco.
Additionally, for the last thirty-four years and counting, he has been a Partner at Sequoia Capital, an American venture capital firm. This company, with offices in the US, China, India and Israel, provides seed, early, and growth stage venture financings and imparted the original major financings for Google, YouTube, PayPal, Yahoo!, WhatsApp, Zoom, Apple, Klarna and others.
Moritz brings extensive experience, roughly a third of a century in fintech companies. Additionally, he has been a director for the Swedish ‘buy now, pay later’ company for over ten years and earlier on he had a place on Google’s and Yahoo’s Board.
Three More to Join Klarna’s Board
The hiring comes at a time when Europe’s treasured private fintech is filling the seats on its board. In fact, it is investigating into becoming a niche group in fintech to conquer the US market. Along with Moritz, comes three other appointments to Klarna’s board: Omid Kordestani, the former Executive Chairman of Twitter; Sarah Smith, the former Chief Compliance Officer of Goldman Sachs; and Lise Kaae, a former Director of Handelsbanken.
In response to the new board appointment, Mr Siemiatkowski said: “Will it make it easier for us to IPO with a more international board? Sure. But it’s not the major thing.” Instead, he said they reflected rapid changes as it becomes a global financial brand. “What is interesting with Klarna, [is that] it has never happened before that a retail bank has genuinely scaled at this pace to become a global banking player, at least through organic growth. We want to make sure we have a board that matches that.”
Mr Siemiatkowski described Moritz becoming chairman as “a big honour”. He added: “I can’t recollect that he does it very often . . . During those times when we were struggling to find our way and direction, Sequoia was very supportive.”
Coming from a background in English Education, Tom joined Finance Magnates in Autumn 2020, originally as a Content Specialist and Proofreader in his first year. Having completed three successful years with the FM News desk, he has since worked with the team as both an editor and a proofreader.
Previously, he spent almost two decades in the field of education, working around the globe at different institutions and companies, which has influenced him considerably after being immersed in various cultures and business environments.
Now fully developed in this field, he is relishing the challenge of constantly adapting to the ever-changing fintech industry and all the developments that arise.
He holds a bachelor's degree in Marketing and a higher diploma in English Teaching from Cambridge University.
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Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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