H&M
“Can H&M deepen customer loyalty and basket size by embedding Klarna's flexible payments and BNPL across all channels globally as the core of its H&M Club programme?”
Founded in 1947 as a Swedish women's clothing store, H&M grew into the world's second-largest international clothing retailer by aggressively scaling its fast-fashion model globally. The company's embedded finance evolution centres on its 2018 global Klarna partnership, which powers the H&M Club payment programme — offering BNPL 'Pay Later' across all channels (in-store via QR code in the H&M app, online, and mobile). Rather than building proprietary fintech infrastructure, H&M has embedded Klarna as its primary consumer financing layer, continually expanding that partnership into new markets such as Romania and Hungary as recently as March 2026.