Petco Health and Wellness Company, Inc. and Klarna, a leading global retail bank, payments and shopping service, are partnering to offer Klarna's Pay in 4 solution on petco.com, across Petco's nearly 1,500 pet care centers nationwide, and the Klarna app. The new payment option makes caring for the whole health of pets more accessible and flexible, giving pet parents the option to split their purchase into four interest-free payments spread over the course of six weeks.
The $119 billion pet category is poised to grow at an 8% CAGR over the next five years according to recent industry forecasts with higher growth projections in key areas like premium nutrition, services, vet, and digital where Petco is uniquely positioned. With seamless integration into the digital and physical shopping experience, Klarna provides another convenient payment method that removes financial barriers for pet parents prioritizing their pet's health and wellness. The new Klarna payment option will be available starting later this year and can be applied to all purchases, including merchandise and services.* Pet parents utilizing Klarna's flexible payment options will also still be eligible to earn rewards through their Pals Rewards account like any other purchase.
"Through the first quarter of this year, Petco generated strong double-digit growth and continued momentum by making complete pet care as easy, seamless, and accessible as possible – including helping pet parents support their pets' wellness without stressing about cost," said Darren MacDonald, chief digital and innovation officer at Petco. "With Klarna, we're creating another avenue for pet parents to do just that, whether they're welcoming a new family member, caring for a pet's unique health needs, or restocking on the basics."