<SEC-DOCUMENT>0002003292-25-000037.txt : 20260115
<SEC-HEADER>0002003292-25-000037.hdr.sgml : 20260115
<ACCEPTANCE-DATETIME>20250908074546
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0002003292-25-000037
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250908

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Klarna Group plc
		CENTRAL INDEX KEY:			0002003292
		STANDARD INDUSTRIAL CLASSIFICATION:	FINANCE SERVICES [6199]
		ORGANIZATION NAME:           	02 Finance
		EIN:				000000000
		STATE OF INCORPORATION:			X0
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		10 YORK ROAD
		CITY:			LONDON
		STATE:			X0
		ZIP:			SE1 7ND
		BUSINESS PHONE:		0046734205795

	MAIL ADDRESS:	
		STREET 1:		10 YORK ROAD
		CITY:			LONDON
		STATE:			X0
		ZIP:			SE1 7ND

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Klarna UK II plc
		DATE OF NAME CHANGE:	20231205
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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<title>Document</title></head><body><div id="i7966d751d8a14ea1aac978a0ff06b3d7_1"></div><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"></td><td style="width:20.789%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:24.569%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:27.718%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:22.524%"></td><td style="width:0.1%"></td></tr><tr style="height:15pt"><td colspan="3" rowspan="2" style="padding:0 1pt;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:2.65pt;padding-left:0.37pt;padding-right:0.37pt"><img alt="logo.jpg" src="logo.jpg" style="height:20px;margin-bottom:5pt;vertical-align:text-bottom;width:128px"></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:2.65pt;padding-left:9.37pt;padding-right:0.37pt"><font style="color:#0e32e1;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:161%">Byron B. Rooney</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:2.65pt;padding-left:9.37pt;padding-right:0.37pt"><font style="color:#0e32e1;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:161%">Davis Polk &#38; Wardwell LLP</font></div></td><td colspan="3" rowspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:2.65pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#3051f2;font-family:'Arial',sans-serif;font-size:7pt;font-weight:700;line-height:171%">CONFIDENTIAL</font></div></td></tr><tr style="height:14pt"><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:2.65pt;padding-left:9.37pt;padding-right:0.37pt"><font style="color:#0e32e1;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:161%">&#160;+1 212 450 4658</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:2.65pt;padding-left:9.37pt;padding-right:0.37pt"><font style="color:#0e32e1;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:161%">450 Lexington Avenue</font></div></td></tr><tr style="height:28pt"><td colspan="3" style="padding:0 1pt"></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:2.65pt;padding-left:9.37pt;padding-right:0.37pt"><font style="color:#0e32e1;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:161%">byron.rooney&#64;davispolk.com</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:2.65pt;padding-left:9.37pt;padding-right:0.37pt"><font style="color:#0e32e1;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:161%">New York, NY 10017</font></div><div style="margin-bottom:1.5pt;margin-top:3pt;padding-left:9.37pt;padding-right:0.37pt"><font style="color:#0e32e1;font-family:'Arial',sans-serif;font-size:7pt;font-weight:400;line-height:161%">davispolk.com</font></div></td></tr></table></div><div style="margin-bottom:18pt;margin-top:36pt;padding-right:0.35pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">September 8, 2025</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:75.961%"><tr><td style="width:1.0%"></td><td style="width:6.705%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:91.095%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:2.65pt;padding-left:0.37pt;padding-right:0.37pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Re&#58;</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:2.65pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Klarna Group plc</font></div><div style="padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Amendment No. 3 to Registration Statement on Form F-1</font></div><div style="padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Filed September 2, 2025</font></div><div style="margin-bottom:1.5pt;padding-left:0.02pt;padding-right:0.02pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">File No. 333-285826</font></div></td></tr></table></div><div style="margin-bottom:12pt;margin-top:27pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:161%">VIA EDGAR TRANSMISSION</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Division of Corporation Finance</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Office of Finance</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Securities and Exchange Commission</font></div><div><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">100 F Street, N.E.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Washington, DC 20549-7561</font></div><div><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:46.314%"><tr><td style="width:1.0%"></td><td style="width:23.813%"></td><td style="width:0.1%"></td><td style="width:1.0%"></td><td style="width:73.987%"></td><td style="width:0.1%"></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-bottom:1.5pt;margin-top:2.65pt;padding-left:0.02pt;padding-right:-2.63pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:154%">Attention&#58;</font></div></td><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><div style="margin-top:2.65pt;padding-left:0.02pt;padding-right:-2.63pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:154%">Madeleine Joy Mateo</font></div><div style="padding-left:0.02pt;padding-right:-2.63pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:154%">Christian Windsor</font></div><div style="padding-left:0.02pt;padding-right:-2.63pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:154%">Lory Empie</font></div><div style="margin-bottom:1.5pt;padding-left:0.02pt;padding-right:-2.63pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:154%">Michael Volley</font></div></td></tr></table></div><div style="margin-bottom:12pt;margin-top:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Ladies and Gentlemen&#58;</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">On behalf of our client, Klarna Group plc, a public company with limited liability incorporated pursuant to the laws of England and Wales (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:161%">Company</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">&#8221;), we are responding to the comments from the Staff (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:161%">Staff</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">&#8221;) of the Securities and Exchange Commission (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:161%">Commission</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">&#8221;) relating to Amendment No. 3 to the Company&#8217;s Registration Statement on Form F-1, filed with the Commission on September 2, 2025 (the &#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:161%">Registration Statement</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">&#8221;), contained in the Staff&#8217;s letter dated September 5, 2025.  The Company has revised the Registration Statement in response to the Staff&#8217;s comments and is filing Amendment No. 4 to the Registration Statement (&#8220;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:161%">Amendment No. 4</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">&#8221;) concurrently with this letter.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Set forth below are the Company&#8217;s responses to the Staff&#8217;s comments. For convenience, the Staff&#8217;s comments are repeated below in </font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:161%">italics</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">, followed by the Company&#8217;s response to each comment as well as a summary of the responsive actions taken. We have included page numbers to refer to the location in Amendment No. 4 where the revised language addressing a particular comment appears.</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">1</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%;text-decoration:underline">Amendment No. 3 to Form F-1</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%;text-decoration:underline">Key Credit Metrics, page 149</font></div><div style="padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">1.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:161%;padding-left:9.67pt">We note your response and revised disclosure related to prior comment 1 and your&#160;chart&#160;of delinquency rates on page 150.  Please address the following&#58;</font></div><div style="padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:161%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:161%;padding-left:14.5pt">The note below the chart states that the metric includes all loans extended by Klarna in the relevant period, regardless of whether such loans currently remain on Klarna's balance sheet.  Please tell us in detail and revise to clarify what this means and to more clearly explain how the metric is calculated including what information is included in the numerator and denominator.  For example, is&#160;the metric based on loan balances or loan counts, does it include only loans extended during a particular time period (e.g., the quarter) or is it calculated using all loans outstanding at&#160;a point in time, does it include loans that have been sold, does the denominator include loans that have been paid off, etc.</font></div><div style="padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:161%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:161%;padding-left:14.5pt">If the&#160;metric includes loans sold by Klarna,&#160;please revise the title and the disclosure under the chart to remove (Consolidated Basis) or to more clearly identify the loans included in the metric&#160;since (Consolidated Basis)&#160;may imply the metric&#160;only includes loans that are on-balance sheet&#160;or tell us why you believe the&#160;wording is appropriate.</font></div><div style="padding-left:72pt;text-indent:-18pt"><font style="color:#000000;font-family:'Times New Roman',serif;font-size:10pt;font-weight:400;line-height:161%">&#8226;</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:161%;padding-left:14.5pt">We note your disclosure that indicates that the metric for fair financing loans is &#8220;at 6 months&#8221; which appears to contradict the title of the chart that states &#8220;at 60 days.&#8221;  Please revise your disclosure, as needed, to clarify what the chart is showing for each loan product.</font></div><div style="padding-left:36pt"><font><br></font></div><div style="margin-bottom:12pt;padding-left:36pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:161%">Please revise other disclosure throughout your filing that shows similar information as needed.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:161%">Response&#58;</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">The Company respectfully acknowledges the Staff&#8217;s comment and advises the Staff that it has revised Amendment No. 4 on pages 149-151 in response.  </font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%;text-decoration:underline">Key Credit Metrics, page 149</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">2.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:161%;padding-left:9.67pt">We note your disclosure on page F-40 that you generally write-off consumer receivables when an outstanding balance is 180 days past due.  Please tell us in detail and revise&#160;to clarify what the &#8220;at 60 days&#8221; means in the cumulative net charge-off rates at 60 days charts on pages 152 and 153.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:161%">Response&#58;</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">The Company respectfully acknowledges the Staff&#8217;s comment and advises the Staff that the reference to &#8220;at 60 days&#8221; in the titles of the cumulative net charge-off rates charts included in the Registration </font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">2</font></div></div></div><hr style="page-break-after:always"><div style="min-height:72pt;width:100%"><div><font><br></font></div></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Statement was inadvertent.  Accordingly, the Company has updated Amendment No. 4 on page 152 in response.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%;text-decoration:underline">Liquidity and Capital Resources, page 173</font></div><div style="margin-bottom:12pt;padding-left:36pt;text-indent:-18pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">3.</font><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:161%;padding-left:9.67pt">We note your response to prior comment 3, as well as your disclosure about the forward-flow agreement on page 181.  We also note that the agreement with Santander that permits you to access up to&#160;&#8364;1.4B in warehouse funding, which appears to be a substantial addition to your available capital resources&#160;to absorb any temporary need for additional liquidity.  Consequently, please address this agreement and any other sources of liquidity.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:700;line-height:161%">Response&#58;</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">The Company respectfully acknowledges the Staff&#8217;s comment and advises the Staff that it has updated Amendment No. 4 on pages 48, 173 and 179-180 in response.</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:13.90pt">* &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;*</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:13.90pt">Should any questions arise, please do not hesitate to contact me at (212) 450-4658 (tel) or byron.rooney&#64;davispolk.com, or Daniel P. Gibbons at (212) 450-3222 (tel) or dan.gibbons&#64;davispolk.com. Thank you for your time and attention.</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Very truly yours,</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%;text-decoration:underline">&#47;s&#47; Byron B. Rooney</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Byron B. Rooney</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">cc&#58;</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:13.90pt">Niclas Negl&#233;n, Chief Financial Officer of the Company</font></div><div style="margin-bottom:12pt"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:161%">Daniel P. Gibbons, Davis Polk &#38; Wardwell LLP</font></div><div style="height:72pt;position:relative;width:100%"><div style="bottom:0;position:absolute;width:100%"><div style="text-align:center"><font style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:100%">3</font></div></div></div></body></html>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
