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Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Klarna won the exclusive role for installment loans offered through Walmart-backed OnePay at Walmart U.S. checkout, a prominent distribution win over a program long associated with Affirm. But the deal did not immediately erase every Walmart–Affirm channel, and Klarna told the SEC it did not expect the partnership to produce a material share of near-term revenue. Klarna’s IPO later closed in September 2025; the available disclosures show the deal strengthened its strategic story, not that it caused a measurable improvement in IPO demand or valuation.
What Klarna won at Walmart
On March 17, 2025, Klarna announced an agreement with OnePay, a consumer finance app backed by Walmart and Ribbit Capital, to exclusively provide installment loans for Walmart purchases in the United States. Klarna said it expected the service to be integrated into Walmart’s online and in-store checkout during 2025. The announcement described loan terms from three to 36 months for approved customers, with borrowers managing loans through the OnePay app. It said the offering would cover thousands of items, including electronics, home and garden, and automotive products. These were announced terms and rollout plans, not confirmation that the service was subsequently available to every customer or that every applicant would qualify. (Klarna announcement; Affirm SEC filing)
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Klarna’s CEO Sebastian Siemiatkowski called OnePay’s choice “a huge vote of confidence” as Klarna pursued its goal of being available everywhere. That is the company’s characterization of the deal’s significance, rather than an independent measure of its financial impact. (Klarna announcement)
Did Walmart replace Affirm with Klarna?
Not across the board on announcement day. Walmart and Affirm had announced an omnichannel partnership in 2019. In its March 17, 2025 SEC filing, Affirm said Walmart continued to be an integrated merchant partner and that Affirm products remained available through its integrated program and Affirm’s own app and card. Klarna’s later SEC disclosure described its OnePay agreement as exclusive for Fair Financing at Walmart U.S. checkout and said competing alternative interest-bearing payment solutions would no longer be available there. The distinction is scope: Klarna won exclusivity for the OnePay installment-loan program at Walmart U.S. checkout; Affirm’s filing did not say that all Walmart–Affirm availability ended immediately. (Walmart’s 2019 announcement; Affirm SEC filing; Klarna SEC registration statement)
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- To access your card information safely, type the complete website address shown on your Gift Card (MyGift.GiftCardMall.com) directly into your browser's address bar. Don't use search engines or shortened versions of the website address, as these may lead you to fake or fraudulent sites. Do not provide any Gift Card details (example: Card Number) to someone you do not know or trust. If you believe you've reached an illegitimate website, contact cardholder service at 1-888-524-1283. Be cautious of phishing sites, there are a variety of scams in which fraudsters try to trick others into paying with gift cards.
- To report your Lost or Stolen Physical Visa Card, call Customer Service 24/7 at 1 (888) 524-1283 to cancel your Gift Card as soon as you can. You will be asked to provide the Gift Card number and other identifying information.
- Use your Visa Gift Card in the U.S. everywhere Visa debit cards are accepted, including online.
The customer terms are not a clean apples-to-apples comparison. Affirm’s historical Walmart options included three-, six- and 12-month plans, while Klarna’s March 2025 announcement described a three-to-36-month range for approved customers. Those announcements do not establish the current terms, eligibility rules, or availability for a specific purchase.
What the deal meant financially
For Klarna: strategic reach, limited near-term revenue contribution
Klarna disclosed that it issued a OnePay subsidiary warrants to acquire 15,343,932 Klarna ordinary shares. The warrants vest over five years: 2,640,000 vest on launch, with the balance vesting quarterly in equal installments. The arrangement gives OnePay an equity-linked economic interest in the relationship; that alignment is a reasonable implication of the terms, not a separate quantified outcome reported by Klarna. (Klarna SEC registration statement)
Rank #2
- Amazon.com Gift Cards never expire and carry no fees.
- Multiple gift card designs and denominations to choose from.
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- No returns and no refunds on Gift Cards.
Klarna also told the SEC that the partnership was important to expanding its U.S. network and offerings, but was not expected to generate a material portion of revenue in the near future. That caveat limits what can be claimed about the deal’s immediate effect on Klarna’s financial results. Greater reach and brand visibility may have helped its broader strategic narrative, but the cited disclosures do not quantify that effect. (Klarna SEC correspondence)
For Affirm: a meaningful, but bounded, disclosed exposure
Affirm reported that Walmart purchases through its integrated program represented approximately 5% of Affirm’s gross merchandise volume and approximately 2% of its adjusted operating income in the six months ended December 31, 2024. These are Affirm’s company-reported figures for that period—not a measure of every Walmart-related channel in all periods, and not evidence of the effect on Affirm’s later results. (Affirm SEC filing)
Rank #3
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Did the Walmart deal boost Klarna’s IPO prospects?
The deal gave Klarna a high-profile U.S. retail partner before its IPO, so it could support an investor-facing case about distribution and network expansion. But “boosted its IPO prospects” is an interpretation, not a causal result established by the company disclosures. Klarna’s statement that the partnership was not expected to generate a material portion of near-term revenue is especially important: strategic visibility and immediate financial contribution are different things.
Klarna’s IPO is no longer prospective. The company announced its launch on September 2, 2025, and later reported that the offering closed with 34,311,274 shares offered at $40 per share. Those closing terms establish the size and price of the offering, not how much the Walmart agreement influenced investor demand, valuation, or the outcome. (Klarna IPO launch announcement; Klarna IPO completion announcement)
Rank #4
- Gift Cards are shipped active and ready for use.
- This card is non-reloadable. No cash or ATM access. Funds do not expire. If available funds remain on your card after the valid thru date has passed, please call customer service for a replacement card. A one-time purchase fee applies at the time of checkout. No fees after purchase.
- To access your card information safely, type the complete website address shown on your Gift Card (MyGift.GiftCardMall.com) directly into your browser's address bar. Don't use search engines or shortened versions of the website address, as these may lead you to fake or fraudulent sites. Do not provide any Gift Card details (example: Card Number) to someone you do not know or trust. If you believe you've reached an illegitimate website, contact cardholder service at 1-888-524-1283. Be cautious of phishing sites, there are a variety of scams in which fraudsters try to trick others into paying with gift cards.
- To report your Lost or Stolen Physical Visa Card, call Customer Service 24/7 at 1 (888) 524-1283 to cancel your Gift Card as soon as you can. You will be asked to provide the Gift Card number and other identifying information.
- Use your Visa Gift Card in the U.S. everywhere Visa debit cards are accepted, including online.
In its IPO launch announcement, Klarna reported approximately 111 million active consumers and approximately 790,000 merchants in 26 countries as of June 30, 2025, and $112 billion in gross merchandise volume for the 12 months ended that date. These company-reported scale figures give context for the network Klarna presented to investors, but do not isolate the Walmart partnership’s contribution. (Klarna IPO launch announcement)
Quick Recap
Best Value
- Amazon.com Gift Cards never expire and carry no fees.
- Multiple gift card designs and denominations to choose from.
- Redeemable towards millions of items store-wide at Amazon.com or certain affiliated websites.
- Available for immediate delivery. Gift cards sent by email can be scheduled up to a year in advance.
- No returns and no refunds on Gift Cards.
What readers can—and cannot—conclude
- Established: Klarna secured exclusivity for the OnePay installment-loan program at Walmart U.S. checkout, with an announced integration plan for 2025.
- Not established: That all Walmart–Affirm access ended on March 17, 2025, or that every customer or purchase would qualify for Klarna financing.
- Established: Klarna disclosed an equity-linked warrant arrangement with OnePay and told the SEC it did not expect a material near-term revenue contribution.
- Not established: That the Walmart deal caused a measurable change in Klarna’s IPO valuation, demand, or result.
Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.
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