Klarna has announced plans to open a new technology hub in Madrid, creating 500 new jobs in the city.

The global payments and Buy Now, Pay Later (BNPL) company has over 4,000 employees across the world, 1,500 of those focused on engineering.

Klarna said that with engineering talent in high demand, it is using its growing global footprint to support emerging technology centres.

The FinTech, which serves over 90 million consumers and 250,000 global retailers, already has tech hubs in Stockholm, Milan, and Berlin.

Klarna launched its BNPL services in Spain last summer.

It now works with over 160 global and Spanish brands in the country, providing them with an interest-free payment choice.

“Traditional banks and card companies have been overcharging customers for an incredibly poor customer experience for far too long,” said Sebastian Siemiatkowski, chief executive of Klarna. “Our aim is to allow consumers to bank, shop and pay on one app, in-store and online, with one trusted brand."

Siemiatkowski added: “To do this, we need the best engineers to deliver a seamless product experience for our customers. That’s why we’re coming to Madrid, one of Europe’s emerging tech centres. Together with our tech hubs in Stockholm, Berlin and Milan, we are creating a powerhouse of technology expertise that will support Klarna’s growth.”

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