1、The State of Buy Now,Pay Later Apps in Europe 2022 An Analysis of Mobile BNPL App Market Trends in Europe 2022 Sensor Tower Inc.-All Rights ReservedThe State of Buy Now,Pay Later Apps in Europe 2022 Introduction This report,which leverages Sensor Towers Store Intelligence and Usage Intelligence data

2、,as well as our Pathmatics data,explores the Buy Now,Pay Later*(BNPL)app space in Europe.The analysis includes:Download and usage trends from January 2019 through June 2022.Digital ad spend data for selected BNPL advertisers and Finance subcategories.Retention and time spent data for selected BNPL a

3、pps and subcategories.The report is broken down into two main sections:Market Overview:An overview of the main mobile trends for Buy Now,Pay Later apps.Digital Ad Overview:An overview of the main digital advertising trends for leading Buy Now,Pay Later advertisers.Buy Now,Pay Later apps are split in

4、to two main subcategories:Traditional BNPL:Traditional Buy Now,Pay Later apps include firms that focus most of their operations on providing BNPL services(e.g.,Klarna,Clearpay).Other BNPL:Other BNPL apps include Neobanks(e.g.,Monzo,Revolut)or Payment apps(e.g.,PayPal,Curve)that launched Buy Now,Pay

5、Later products.*The terms Buy Now,Pay Later;BNPL;and Point-of-Sales(POS)Financing are used interchangeably in this report.2022 Sensor Tower Inc.-All Rights ReservedTable of Contents04-Market Overview 18-Digital Ad Overview 24-Conclusion An Overview of Top BNPL Apps in EuropeMarket Overview:Europe 20

6、22 Sensor Tower Inc.-All Rights Reserved1KlarnaKlarna Bank ABAfterpay/ClearpayAfterpayLaybuyLaybuy HoldingsAfterPayArvato Finance B.V.MokkaREVO TECHNOLOGIESOpenpayOpenpayTwistoTwisto.czButterButter HoldingsFly Now Pay LaterPay Later GroupTabbyTabby FZ234567891020201KlarnaKlarna Bank ABAfterpay/Clear

7、payAfterpayLaybuyLaybuy Holdings234567891020211KlarnaKlarna Bank ABAfterpay/ClearpayAfterpayZilchZilch TechnologyZipZip.co2345678910H1 2022Klarna Remains the Leading Player in the European Mobile BNPL MarketTop Traditional BNPL apps by downloads in Europe(App Store and Google Play)5-ButterButter Hol

8、dingsAfterPayArvato Finance B.V.OpenpayOpenpay-TwistoTwisto.czSilvrrCotsworlds Ecommerce LimitedArvato Finance B.V.AfterPayMokkaREVO TECHNOLOGIESNEW-3NEWScalapayKucoin TechnologyLaybuyLaybuy HoldingsMokkaREVO TECHNOLOGIES-1-Zilch TechnologyZilch-SilvrrCotsworlds Ecommerce LimitedNEWZip.coZipNEW-3-2-

9、+3-2-1-3+2Intensifying Competition is Reshaping the Mobile BNPL SpaceTimeline of some of the major European events in the mobile Buy Now,Pay Later space 2022 Sensor Tower Inc.-All Rights ReservedMarket Overview:EuropeJun 2016Sep 2019Mar 2020Oct 2020Mar-May 2021Jul 2021Sep 2021The Klarna app was laun

10、ched in Europe.Clearpay launched its app in the U.K.First COVID-19 outbreak in Europe.PayPal launched its BNPL offering in the U.K.(it launched in other European markets in the following quarters).Zilch,Tinkoff,and Scalapay launched their BNPL offering in the U.K.,Russia,and Italy,respectively.N26 l

11、aunched its BNPL product in Germany and Klarna acquired Stocard.Curve and Monzo launched their BNPL products.Jan 2022Klarna launched its physical card in the U.K.The U.K.s Financial regulator called for BNPL regulation.May 2022Jun 2022*ZOPA and Revolut launched their BNPL.*in June 2022,Apple announc

12、ed the launch of Apple Pay Later in the U.S.While this wont affect the European BNPL market right now,it could if Apple decides to expand its BNPL product into Europe(see page 15 to discover which European markets may be most affected)While the European Buy Now,Pay Later(BNPL)space has so far been m

13、ostly defined by a few leading providers such as Klarna and Clearpay,the boost to e-commerce propelled by the COVID-19 pandemic has seen the launch of new apps and the expansion into BNPL of established payment providers such as PayPal.While smaller BNPL apps may focus on point-of-sale(POS)financing

14、 offerings,rising competition is accelerating diversification,with leading BNPL players aiming to build integrated shopping solutions that engage users throughout the entire purchase journey.With no signs of a market slowdown,Neobanks have also entered the BNPL race,with Monzo and N26 two of the fir

15、st to do so in Europe in 2021.Most recently,Revolut and Zopa also launched their BNPL products.BNPL is also expanding outside its traditional space,with DeFi platform Teller(not an app)bringing BNPL into the NFT world with its Ape Now,Pay Later offering.The increasing popularity of BNPL has led to r

16、enewed calls for stricter regulations,with countries mulling a series of measures,including forcing BNPL providers to run affordability checks.6Adoption of BNPL Apps Reached a New Record in H1 2022 Buy Now,Pay Later has become a household name over the last few quarters.Increasing consumer interest

17、around POS financing helped adoption of BNPL apps reach a record high in Q4 2021.Installs of Traditional BNPL apps have continued to increase into 2022,hitting another record in H1 2022.Klarna has been the most downloaded BNPL app each quarter since Q1 2019,accounting for 74 percent of first-time in

18、stalls in Q2 2022.Clearpay(known as Afterpay in other markets such as the U.S.and Australia)has consistently ranked No.2 since the end of 2019,but increasing competition for consumer attention has narrowed the gap against other BNPL providers in the past few quarters.The U.K.and Germany were the lar

19、gest European markets by adoption in H1 2022,while Southern European countries were among the fastest growing(see page 11).Quarterly downloads of top Traditional BNPL apps in Europe 2022 Sensor Tower Inc.-All Rights ReservedNote Regarding Downloads Estimates:Download estimates are the aggregate inst

20、alls of the top Traditional BNPL apps across 35 European countries between Q1 2019 and Q2 2022.01M2M3M4M5M6MQ1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Q2 2021Q3 2021Q4 2021Q1 2022Q2 20222.3M1.9M2.6M1.9M1.7M1.4M1.4M1M1.1M798K944K567K564K476K3.2M2.6M3.3M1.9M1.6M1.3M1.3M1M1M859K967K

21、471K544K481KGoogle PlayApp StoreMarket Overview:EuropeAdoption of Traditional BNPL apps hit a record high in Q4 2021H1 2022 also saw a record numbers of installs70%100%200%300%400%500%Jan-19Mar-19May-19Jul-19Sept-19Nov-19Jan-20Mar-20May-20Jul-20Sept-20Nov-20Jan-21Mar-21May-21Jul-21Sept-21Nov-21Jan-2

22、2Mar-22May-22Usage of Traditional BNPL Apps Slowed at the End of Q2Traditional Buy Now,Pay Later apps in Europe have seen an uptick in usage in the past few quarters.BNPL apps monthly active users(MAUs)were up more than 300 percent each month of Q2 2022 versus January 2019.Klarna,Clearpay,and Zilch

23、were the top three BNPL apps by MAU in Q2 2022.Klarna alone accounting for nearly 90 percent of the total.MAU increased in virtually all major European markets since 2019,with the U.K.,Germany,and Spain among the largest markets by monthly active users in Q2 2022.Usage of Buy Now,Pay Later apps show

24、ed signs of a slowdown in June 2022,however still remaining at record-high levels.June was the third-highest month by MAU.Market Overview:EuropeMonthly Active User growth for top Traditional BNPL apps 2022 Sensor Tower Inc.-All Rights Reserved8Note:Data is indexed to January 2019 January 2019=0%Note

25、 Regarding MAU Estimates:MAU estimates are the aggregate average monthly active users of top Traditional BNPL apps across 30 European countries between January 2019 and June 2022.ASO Strategies Point to Growing Popularity of BNPLWith interest in e-commerce surging in recent years,an increasing numbe

26、r of Buy Now,Pay Later apps have been launched on both Android and iOS.While not all BNPL apps include terms such as“Buy Now,Pay Later”in their app names,many have started to do so to boost their search traffic and reach.Finance and Shopping App names that include the term Buy Now,Pay Later(or somet

27、hing similar)have seen notable growth in the past few years,increasing from just two in H1 2019 to 13 in the first half of 2022,with installs associated with these apps also growing significantly to more than 7 million in the first six months of 2022.Top Finance and Shopping apps including the term

28、Buy Now,Pay Later in their title 2022 Sensor Tower Inc.-All Rights ReservedMarket Overview:EuropeNumber of App Names Mentioning Buy Now,Pay Later051015H1 2019H1 2020H1 2021H1 2022131042Installs for App Names Mentioning Buy Now,Pay Later02M4M6M8MH1 2019H1 2020H1 2021H1 2022Note Regarding Download Est

29、imates:Estimates are based on the top 10K Finance and Shopping apps in each H1 semester from 2019 to 2022 across 10 European countries(Germany,the UK,France,Italy,Spain,the Netherlands,Sweden,Norway,Finland,Denmark)9H1 2019H2 2019H1 2020H2 2020H1 2021H2 2021H1 20220%25%50%75%100%75.9%78.3%81.1%81.9%

30、81.9%82.3%84.1%15.4%13.5%13.7%13.6%13.8%14.2%13.0%8.7%8.2%5.2%4.5%4.3%3.5%2.9%Traditional BNPLOther BNPLOther FinanceDownload share among top Finance apps by subcategory in selected European markets BNPL Apps Reached Nearly 9 Percent Market Share in H1 2022Traditional BNPL apps have seen their highe

31、st install total yet in H1 2022,up 339 percent compared to H1 2019 and claiming nearly 9 percent of the Finance apps market share in Europe.Other BNPL apps(i.e.PayPal,Monzo,Curve,etc.)also recorded their highest jump in adoption in the first half of 2022(up 73 percent vs H1 2019).Taken together,Trad

32、itional and Other BNPL apps have seen a particularly rapid ascent in the U.K.,rising from 23 percent of the local mobile Finance market in H1 2019 to a third in H1 2022.They also gained market share in the Netherlands,rising to 23 percent of the market in H1 2022,up more than 13 percentage points co

33、mpared to H1 2019.The Nordics(32 percent),Germany(25 percent),and Spain(20 percent)were other key markets for BNPL apps in Europe during the first half of 2022.The market share of BNPL apps was lower in Italy and France in H1 2022.However,both markets have been leading adoption growth during the fir

34、st six months of 2022.10Market Overview:Europe 2022 Sensor Tower Inc.-All Rights ReservedNote Regarding Downloads Estimates:Market share figures include the following European markets:the U.K.,Germany,France,Italy,Spain,the Netherlands,Sweden,Norway,Finland,and Denmark.0200K400K600K Italy France Spa

35、in Poland Portugal119K177K266K488K594KItaly and France Are Driving the Popularity of BNPL Apps BNPL is rapidly increasing in popularity in Europe.While some markets like the Nordics region,the U.K.,and Germany have been at the forefront of user adoption,other large economies have only recently seen

36、an increase in consumer interest.Italy and France are among the latter,with the two countries becoming the fastest growing by raw download growth in the first six months of 2022 compared to the previous half year.Italy recorded nearly 600K additional downloads in the first half of 2022,while France

37、added 490K.Klarna,which launched at the end of 2020 in Italy and in the second half of 2021 in France,has driven most of the growth in these two markets,adding circa 800K more downloads in H1 2022 vs.the previous semester.Italys Scalapay has also been a significant player with more than 150K additio

38、nal installs across both markets.Spain,Poland,and Portugal were also among the fastest growing markets for BNPL apps in the past semester.Klarna was once again the main driving force behind the increase in adoption.Download growth of top Traditional BNPL apps in H1 2022 vs H2 2021 2022 Sensor Tower

39、Inc.-All Rights ReservedMarket Overview:Europe110%20%40%60%80%100%Jan-19Mar-19May-19Jul-19Sept-19Nov-19Jan-20Mar-20May-20Jul-20Sept-20Nov-20Jan-21Mar-21May-21Jul-21Sept-21Nov-21Jan-22Mar-22May-22KlarnaOther Traditional BNPLKlarna Still Commands 70 Percent of the BNPL Market In June 2021 Klarna becam

40、e Europes highest valued private fintech after raising more than$639 million in funds at a$45.60 billion post-money valuation.Amid the current turmoil in global financial markets over fears of high inflation,rising interest rates,and economic recession,Klarnas valuation has recently been slashed und

41、er$7 billion.Klarna isnt an isolated case.Macro-economic events have,in fact,led to a fall in the share of other listed and private FinTech firms in the past few weeks.Despite recent headwinds,Klarna remains the undisputed BNPL leader in the European mobile POS financing landscape.While the apps mar

42、ket share has declined since the beginning of 2019,with a short-lived dip in September 2021,it remains the highest across Traditional BNPL apps.Klarna retained a 70 percent market share across the European continent in June 2022,more than 60 percentage points ahead of the second highest app,Clearpay

43、.Market Overview:EuropeKlarnas download market share vs.other leading Traditional BNPL apps 2022 Sensor Tower Inc.-All Rights Reserved12Klarnas market share took a hit in September 2021 as BNPL app Silvrr added nearly 80K downloads in Spain,and Laybuy grew by more than 15K downloads in the U.K.Note

44、Regarding Downloads Estimates:Download estimates are the aggregate installs of top Traditional BNPL across 35 European countries between January 2019 and June 2022.0100K200K300K400K500K0100K200K0100K200K300KJan-19Mar-19May-19Jul-19Sept-19Nov-19Jan-20Mar-20May-20Jul-20Sept-20Nov-20Jan-21Mar-21May-21J

45、ul-21Sept-21Nov-21Jan-22Mar-22May-22Klarna Continues to Dominate German and Nordics Markets Klarnas dominance in Europe is particularly strong in the Nordics,including in its home market,Sweden,as well as in Norway and Finland.The app is also the leading BNPL provider in the French market,where it l

46、aunched in 2021,as well as in Germany,the second largest mobile BNPL market in Europe.In the three Nordic countries of Sweden,Norway,and Finland,Klarna accounted for virtually all downloads of top BNPL apps in the past quarter.In Denmark,Klarna is also a major player together along with ViaBill.Desp

47、ite its strong dominance,the high share of Klarnas iPhone downloads in those markets may make them susceptible to an Apple Pay BNPLs entry into Europe(see page 15).In Germany,Klarna retained 93 percent of the BNPL market share in H1 2022,maintaining a stable trend since the beginning of 2021.In Fran

48、ce,Klarna accounted for 87 percent of all mobile BNPL adoption.The apps share has,however,declined in the past few months,with Scalapay making headway in the country.Downloads of Klarna and other top Traditional BNPL apps in selected European markets Market Overview:Europe 2022 Sensor Tower Inc.-All

49、 Rights ReservedKlarnaKlarnaKlarnaKlarnaOther Traditional BNPL appsGermanyFranceNordics130200K400K600K800K1M0100K200K300K400K0100K200K300KJan-19Mar-19May-19Jul-19Sept-19Nov-19Jan-20Mar-20May-20Jul-20Sept-20Nov-20Jan-21Mar-21May-21Jul-21Sept-21Nov-21Jan-22Mar-22May-22The U.K.Is the Most Competitive M

50、obile BNPL Market in EuropeThe U.K.is the most dynamic mobile BNPL market in Europe,with four different apps controlling a market share of more than five percent in Q2 2022.Zilch and Clearpay have been two of the most powerful competitors for Klarna.The two apps have been eating into Klarnas market

51、share in the past few quarters,accounting for more than 35 percent of the market in Q2 2022,up 15 percentage points versus Q2 2020.The mobile BNPL space did not take off in Italy until the second half of 2021.Since then,Klarna has dominated as the major player in the market.However,the launch of Mil

52、an-based BNPL app Scalapay is upending the space,with the app commanding nearly 20 percent of the market in Q2 2022.Alongside its traditional retail merchant network,Scalapay has also been expanding into the travel industry,allowing users to Pay in 3 for holidays and train tickets.In the Netherlands

53、,the BNPL market has long been split between Klarna and AfterPay.Market share has remained stable over the past few years.Downloads of Klarna and other top Traditional BNPL apps in selected European markets Market Overview:Europe 2022 Sensor Tower Inc.-All Rights ReservedKlarnaKlarnaKlarna U.K.Italy

54、The Netherlands140%25%50%75%100%Norway Sweden Netherlands U.K.Germany Denmark Finland France Italy SpainNordics&the U.K.May Be Valuable for Apples BNPL Future Apple has recently unveiled a BNPL feature for its Apple Pay customers in the U.S.,(Apple Pay Later),allowing users to split the cost of a pu

55、rchase into four equal payments without interest or late fees.While Apple Pay Later has not announced an expansion into Europe so far,the acquisition of U.K.-based open banking provider Credit Kudos may signal a potential U.K market entry and pave the way for further expansion across Europe.The laun

56、ch of Apple Pay Later in the continent could see Apple capture significant market share.Based on the share of iPhone vs.Android downloads of leading European BNPL app Klarna,some markets could see substantial competition from an Apple Pay BNPL entry.With iPhone accounting for well above 50 percent,t

57、he Nordics,the Netherlands,and the U.K.could be some of the most valuable markets in Europe for Apple Pay Later.On the other side,France,Italy,and Spain could be some of the most challenging European markets,with Klarnas iPhone installs accounting for less than 20 percent of the total in Q2 2022.Kla

58、rnas share of iPhone downloads(vs.Google Play)in selected European markets in Q2 2022 2022 Sensor Tower Inc.-All Rights ReservedMarket Overview:Europe40 percent Share of Klarnas iPhone downloads Across 35 European markets in Q2 2022Most valuable markets for Apple Pay BNPLChallenging markets 150%10%2

59、0%30%40%Day 1Day 5Day 9Day 13Day 17Day 21Day 25Day 29Day 33Day 37Day 41Day 45Day 49Day 53Day 57Day 61Day 65Day 69Day 73Day 77Day 81Day 85Day 89Android retention rates of leading BNPL apps by subcategory,Q1 2022 Western EuropeNeobanks BNPL May Capitalize on Higher App RetentionA significant number of

60、 Neobanks have launched BNPL products in the past months.Building innovative lending products makes sense for Neobanks,as some were impacted during the pandemic for not having diversified-enough business lines when transactions fell off.BNPL products can help Neobanks expand their user base,making t

61、heir apps a one-stop hub for personal finance and BNPL purchases.While Neobanks are latecomers in a space dominated by Traditional BNPL providers,they may capitalize on their higher app retention rates,which are significantly above Traditional BNPL and other fintech BNPL apps.Neobanks could be able

62、to transfer their high retention rates into their new BNPL offerings,which in turn could open up significant monetization opportunities as well as higher revenue from interest charged on their longer term BNPL products.2022 Sensor Tower Inc.-All Rights ReservedMarket Overview:EuropeTraditional BNPLP

63、aymentNeobankNote Regarding Retention Estimates:The Neobank subcategory includes Monzo and Revolut;the Payment subcategory includes PayPal and Curve;and the Traditional BNPL subcategory includes Klarna and Afterpay/Clearpay.16Afterpay/ClearpayMonzoZilchKlarnaPayPal0%50%100%150%200%250%65%100%189%206

64、%212%Time Spent on Afterpay Above Klarnas,but Gap is ShrinkingIn Q1 2022,users of Clearpay and Zilch were spending more time,on average,on these apps than users of Klarna.Clearpays users spent 112 percent more time on the app compared to Klarnas,whereas Zilchs users spent almost 90 percent more time

65、 on it.The average time spent on other fintech BNPL apps,such as Monzo,was also above Klarna.However,direct comparison is difficult because Monzos offering focuses on online banking rather than Buy Now,Pay Later.Despite the differences in the average time spent between Klarna and other BNPL provider

66、s in Q1 2022,the gap has been shrinking in the past few quarters,with preliminary data for Q2 2022 showing a significant convergence.Average time spent in selected Android BNPL apps relative to Klarna in Q1 2022,Worldwide 2022 Sensor Tower Inc.-All Rights ReservedMarket Overview:Europe17 An Overview

67、 of Top BNPL Advertisers in EuropeDigital Ad Overview:Europe American ExpressBarclays LendingBarclays CCKlarnaCredit KarmaClearpay FinanceEquifaxCapital One CCHSBC LendingSainsburys CC$0$2M$4M$6M$8M$10MBNPL Ads Account for 15 Percent of Credit&Lending Ad SpendTraditional Buy Now,Pay Later advertiser

68、s Klarna and Clearpay were among the top 10 Credit&Lending brands by ad spend in the U.K.in the first half of 2022.Klarna was at No.4 with nearly$2.5 million invested on digital ads,while Clearpay was two spots down at No.6,with$1.5 million.The two BNPL players accounted for 15 percent of the U.K.Cr

69、edit&Lending segments ad spend.Clearpay saw a year-over-year slowdown in ad investments in the first six months of 2022.Klarna,on the other hand,has seen its ad budget skyrocket in the past years.PayPals Credit&Lending segment,Monzo,and other Neobanks who have recently entered the European BNPL spac

70、e,were outside the top 10 by ad spend ranking.However,PayPal remained a dominant force in the wider Financial Services ad space,being the No.1 advertiser in H1 2022 with more than$17 million spent on digital ads.Digital Ad Overview:EuropeTop Credit&Lending advertisers by ad spend in the U.K.in H1 20

71、22 2022 Sensor Tower Inc.-All Rights Reserved19Advertising data from Pathmatics,part of the Sensor Tower digital intelligence suite.$0$3M$6MKlarnaPayPalClearpay FinanceMonzo Bank201920202021H1 2022Klarnas Ad Investments Have Increased 4x Since 2019Ad investments for top Buy Now,Pay Later providers h

72、ave varied greatly over the past few years.Traditional BNPL providers such as Klarna and Clearpay have continued to invest significantly in new campaigns and creatives.In contrast,other fintech BNPL advertisers,like PayPal and Monzo,have decreased their Credit&Lending ad budget.Klarnas ad budget has

73、 increased dramatically in the past few years,quadrupling from circa$600K in 2019 to more than$2.4 million in H1 2022,driven by ad campaigns focused on discounts and vouchers,as well as an event in London co-hosted with Fashion brand SHEIN.Neobank Monzo has seen a significant drop off in ad investme

74、nt since H1 2019,with BNPL-themed creatives not among its top campaigns in the first six months of 2022.PayPal hasnt been the top ad spender in the Credit&Lending segment either so far in 2022.However,PayPal ran a record-high BNPL campaign in the second half of 2021(see next page).Digital Ad Overvie

75、w:EuropeYearly ad spending for leading BNPL advertisers in the U.K.(Credit&Lending segment)2022 Sensor Tower Inc.-All Rights Reserved20Advertising data from Pathmatics,part of the Sensor Tower digital intelligence suite.$0$1M$2M$3M$4M$5MQ1 2019Q2 2019Q3 2019Q4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021

76、Q2 2021Q3 2021Q4 2021Q1 2022Q2 2022Clearpay FinanceKlarna INCMonzo Bank LtdPayPal,Inc.Quarterly Facebook ad spending of leading BNPL advertisers(Credit&Lending segment)BNPL Ad Spend Reached New Record with PayPals Campaign Buy Now,Pay Later Facebook ad spend surged in 2021.Top BNPL providers investe

77、d$11.1 million during the year,up from$6.2 million in 2020.Despite Apples IDFA privacy changes,Facebook ad spend remained strong in 2021.Clearpay has been the top advertiser by Facebook ad spend between 2019 and H1 2022,followed by PayPal and Klarna.While PayPal was not the No.1 advertiser by spend,

78、it ran a record Buy Now,Pay Later campaign in Q3 2021 in partnership with British retailer M&S.Klarna and Clearpay have ramped up ad investment in Q2 2022 versus the previous quarter.Digital ad data for May 2022 showed that Klarna invested$1.4 million on creatives,its highest level in the U.K.so far

79、.2022 Sensor Tower Inc.-All Rights Reserved21Digital Ad Overview:EuropePayPals largest BNPL ad campaignAdvertising data from Pathmatics,part of the Sensor Tower digital intelligence suite.Clearpay Continues Ad Investment Pivot Towards BusinessesAfter a successful Christmas ad campaign in the second

80、half of 2019 to mark the apps launch in the U.K,Clearpays ad strategy in 2020 focused on fashion brands.The majority of that years$3.7 million ad campaigns revolved around creatives that highlighted ways to shop on global brands using the apps Pay in 4 offering.SHEIN,MAC Cosmetics,and ASOS were amon

81、g the brands featured most often.While ads directed at BNPL end-users accounted for a substantial proportion of all the creatives ran in 2020,Clearpay pivoted its creative strategy towards merchants in 2021.Its new creatives emphasized the simplicity of setting up its BNPL service and the boost in r

82、evenue merchants could enjoy by partnering with Clearpay.Six of the top 10 creatives released in 2021 targeted the apps business client segment.This new ad strategy has continued so far in 2022,with two of the top three creatives of this year also targeting merchants.Digital Ad Overview:EuropeTimeli

83、ne of Clearpays major ad campaigns between 2019 and H1 2022 2022 Sensor Tower Inc.-All Rights Reserved222019202020212022Christmas-themed ads became one of Clearpays highest invested campaign in 2019,when it launched in the U.K.The ad campaign accounted for more than 25 percent of that years spend.In

84、 2020,Clearpay partnered with global fashion brands,including SHEIN and ASOS,to promote its BNPL offering.2021 marked a significant ad push towards business clients,with seven of the top 10 creatives released in 2021 aimed at merchants.Clearpays new ad strategy continued in the first half of 2022,wi

85、th two of the top three creatives of this year targeting businesses.Advertising data from Pathmatics,part of the Sensor Tower digital intelligence suite.050100150200250300350400450500Voucher/Discount/CodeMerchant-Related TermsAppMeet Klarma/Discover KlarnaSmooothKlarna Sets Off New Ad Strategy with

86、Push on Discount CodesIn 2019,Klarna partnered with rapper Snoop Dogg to launch the Get Smoooth ad campaign,which aimed to showcase how Klarnas BNPL products could make consumers everyday lives a lot more hassle-free and smoooth.The term smoooth has since become a fixture of Klarnas creatives.During

87、 the same year,Klarna also focused on strengthening its brand name with business clients,with terms like Shopify,customer,conversion,and revenue appearing more than 40 times on the creatives it released that year.In 2020 Klarna continued to build its brand name,with terms such as Meet Klarna and Dis

88、cover Klarna appearing more than 20 times.With a more established brand name,Klarna launched a new creative strategy in 2021,putting greater emphasis on vouchers and discount codes.This may have been an attempt to encourage repeat customers at a time when the profitability potential of the BNPL indu

89、stry made headlines.As a result of Klarnas new ad strategy,terms such as discount,voucher,and code appeared more than 500 times in 2021(16 percent of all the terms used in ads that year).Digital Ad Overview:EuropeWord count of selected terms featured in Klarnas creatives in the U.K.2022 Sensor Tower

90、 Inc.-All Rights Reserved23201920202021H1 2022Words such as customer,conversion,and revenue appeared more than 40 times on Klarnas creatives in 2019,in a period when Klarna wasnt yet mainstream in the mobile U.K.market.2021 marked the beginning of a new ad strategy that focused on vouchers and disco

91、unt codes.The term smoooth,which first launched in 2019 during its Get Smoooth ad campaign,has remained a fixture of Klarnas creatives.Advertising data from Pathmatics,part of the Sensor Tower digital intelligence suite.Key Takeaways from the ReportConclusionConclusion:Market OverviewConclusion:Key

92、TakeawaysWhile the European Buy Now,Pay Later(BNPL)space has so far been mostly defined by a few leading providers such as Klarna and Clearpay,a plethora of new players have emerged in the past few years.Klarna has been the most downloaded Buy Now,Pay Later app each quarter since Q1 2019,accounting

93、for 74 percent of installs in Q2 2022.Clearpay has consistently ranked No.2 since the end of 2019,but increasing competition for consumer attention has narrowed the gap against other BNPL providers in the past few quarters.Traditional Buy Now,Pay Later apps in Europe have seen an uptick in usage in

94、the past few quarters.BNPL apps monthly active users(MAUs)were up more than 300 percent each month of Q2 2022 vs.January 2019.Italy and France were the fastest growing European markets by raw adoption in the first six months of 2022 compared to H2 2021.The Nordics(primarily Sweden and Norway),the Ne

95、therlands,and the U.K.could be some of the most valuable European markets for Apple Pay BNPL,should it decide to launch in the continent.2022 Sensor Tower Inc.-All Rights Reserved25Conclusion:Digital Ad OverviewConclusion:Key TakeawaysTraditional Buy Now Pay Later advertisers Klarna and Clearpay wer

96、e among the top 10 Credit&Lending brands by ad spend in the U.K.in the first half of 2022.Klarnas ad budget has increased dramatically in the past few years,quadrupling from$600K in 2019 to over$2.4 million in H1 2022,driven by ad campaigns focused on discounts and vouchers,as well as an event in Lo

97、ndon co-hosted with Fashion brand SHEIN.Despite Apples IDFA privacy changes,Facebook ad spend remained strong in 2021.Clearpay pivoted its creative strategy towards merchants in 2021.Its new creatives emphasized the simplicity of setting up its BNPL service and the boost in revenue merchants could e

98、njoy by partnering with Clearpay.With an established brand name across Europe,Klarna focused on a new creative strategy in 2021,putting greater emphasis on vouchers and discount codes available to shoppers.As a result,words such as discount,voucher,and code appeared more than 500 times in 2021(accou

99、nting for 16 percent of all the terms used in creatives that year).2022 Sensor Tower Inc.-All Rights Reserved26 2022 Sensor Tower Inc.-All Rights ReservedSensor Tower SolutionsStore Intelligence Make strategic decisions with the industrys most accurate estimates.App Intelligence Drive organic growth

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