“Losses are part of the plan.” Klarna’s BNPL model treats new markets like a lab experiment. They hand out $200 loans in new markets on purpose, testing who pays them back). Forget FICO; they’re building their own credit models. And why would they want to share that data with the bureaus? The latest Fintech Recap with @mikulaja goes deep on how Klarna (and other BNPLs) are rethinking risk and why data hoarding might be part of that strategy. Catch the episode here: It’s a great one!