Klarna reports its third-quarter results on Tuesday 17 November, before the New York market opens. They will be the first to cover a period in which UK buy now, pay later lending (BNPL) was regulated, ten days before Black Friday.
The Financial Conduct Authority started regulating deferred payment credit on 15 July. Lenders now have to check that a customer can afford the repayments before an agreement, give key information up front and contact customers who miss a payment. Shoppers gain access to the Financial Ombudsman Service and section 75 protection. The rules apply only where the lender and the seller are different businesses.
What Klarna has already told investors
In August, Klarna guided third-quarter gross merchandise volume of $35bn to $36bn and revenue of $940m to $980m, below the $36.6bn and $1.04bn it reported for the second quarter. It also cut its full-year volume guidance to between $149bn and $151b, from more than $155bn, while raising its forecast for transaction margin dollars, the measure it prefers. "We measure our progress in transaction margin dollars," chief executive Sebastian Siemiatkowski said at the time.
Its second-quarter release did not mention the UK at all. Whether Tuesday's does will be the first test of how much the new regime has changed approvals in one of its larger markets.
The rules reach partners as well as lenders
For affiliates and creators, the regulation is not only Klarna's problem. Law firm Gateley says that from mid-2026 any mention of buy now, pay later on websites or marketing platforms counts as a financial promotion, including influencer content, banners, emails and SMS. If the business promoting it is not FCA-authorised, the lender has to approve the communication before it is published.
That matters in peak season, when "pay in three" sits in deals pages, cashback offers and creator posts. Retailers referring customers to a third-party lender are not treated as credit brokers, Gateley says, but it does not set out how affiliates or comparison sites are treated, and that is the question to put to legal advisers and lending partners before Black Friday copy goes live. The EU is heading the same way, with its proposed Digital Fairness Act making brands answerable for what the creators they pay post.
Klarna's webcast starts at 13.30 UK time on Tuesday. Any comment on how UK approvals have held up under affordability checks will tell retailers more about their peak plans than the headline growth figure.
