Swedish buy-now-pay-later company Klarna said on Tuesday (28 May 2024) that using GenAI for marketing campaigns and image creation has saved $10m (Skr105.3m) in annual costs. 

The company said it has cut its sales and marketing spend by 11% in Q1 2024 while increasing the number of campaigns more frequently.

In image production costs alone, Klarna has reportedly saved $6m with the use of GenAI tools such as Midjourney, DALL-E and Firefly. 

“AI is helping us become leaner, faster and more responsive to what our customers care about, leading to a much, much better experience,” said David Sandström, CMO at Klarna. “And we’re actually driving more marketing activity while saving tens of millions of dollars a year.”

Klarna said it has a close partnership with OpenAI and its employees have built more than 300 GPTs for internal use.

There are more than a dozen AI-driven projects within marketing alone, and more than 100 across the entire organisation, the company said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Last week Klarna said around 87% of its workforce regularly used GenAI tools, including OpenAI’s ChatGPT and the company’s own AI assistant. 

“We push everyone to test, test, test and explore,” said Sebastian Siemiatkowski, CEO and Co-Founder at Klarna. “As Klarna continues to discover applications for OpenAI’s tech, there’s the potential to take the business to new heights.”

“We’re aimed at achieving a new level of employee empowerment, enhancing both our team’s performance and the customer experience,” he added. 

Q1 2024 survey by research and analysis company GlobalData found that 27% of respondents stated that their businesses already had a high adoption rate of AI into their workflows.

The same survey found that around 27% of businesses already reported a high adoption rate of AI in their workflows.