December 13, 2011, Updated September 11, 2012

Israeli-Swedish e-commerce payments company Klarna has completed a large financing round to the tune of $155 million.

The mega-round was led by Russian businessman Yuri Milner’s investment fund DST, known for its investments in Facebook and Twitter; Sequoia VC fund and General Atlantic.

Klarna announced that the money would be used to hire 30 new employees for its Israel R&D center in Tel Aviv.

The company was founded in 2005 and has headquarters in Stockholm.

Klarna’s revolutionary product is basically the reverse of PayPal and other online payment ventures. It allows customers to pay for products ordered online only after they receive the product they ordered.

Klarna operates in Europe only and counts some six million subscribers. The company’s earnings in 2011 are estimated at $120 million.

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