‘Smoooth Dogg’: Snoop Dogg just backed a Swedish online payments unicorn
Snoop Dogg is better known for his work in the music business — but the U.S. rapper is now throwing his weight behind fintech.
Swedish online payments firm Klarna said Thursday that Snoop Dogg had invested in the business and would promote it as part of a new marketing campaign.
Klarna, known for its “Smoooth Payments” slogan, has dubbed the 47-year-old music artist “Smoooth Dogg” as part of the campaign.
A video ad posted to Klarna’s YouTube channel shows the rapper at a “coronation” where he is presented with a set of bling emblazoned with the “Smoooth Dogg” name.
“I’ve been looking for an opportunity to expand my tech investment portfolio to Europe and seeing the way Klarna operates and how they challenge the status quo, I think it’s a match made in heaven. I’m very excited about this partnership,” Snoop Dogg said in a statement Thursday.
Klarna, founded in 2005, provides payment solutions for consumers and merchants. It has 60 million shoppers and 100,000 merchants using the platform, and is available in 14 countries.
It counts fellow European firm Adyen and U.S. tech giants PayPal and Square as competitors, and was granted a banking license by the Swedish financial regulator in 2017.
“Snoop is not only a rap legend, but also a successful businessman, with a genuine interest in tech, retail and e-commerce,” Klarna Chief Executive Sebastian Siemiatkowski said in a statement. “He has a great understanding of consumer behaviour and is exceptional when it comes to branding and marketing.”
The firm was last valued by investors at $2.25 billion in 2015, making it one of Europe’s largest fintech unicorns — privately held companies that are valued at more than $1 billion. Other notable shareholders include H&M and Visa.
Snoop Dogg has previously invested in weed-related companies through his venture capital firm Casa Vede Capital. Its portfolio includes pot-tracking platform Metrc, marijuana delivery service Dutchie and medical cannabis research firm Oxford Cannabinoid Technologies.