(Bloomberg) -- Klarna Bank AB is looking to tap investors for more cash in a move that would reduce its valuation by about a third, according to people familiar with the matter. 

The Swedish fintech company, which was valued at $46 billion last June, would be valued at about $30 billion under its latest plans, said the people, who asked not to be named because the process isn’t public. 

Klarna is seeking about $1 billion in its new funding round, according to the Wall Street Journal, which reported the plan earlier. In February, Bloomberg News reported that Klarna was exploring a valuation of about $50 billion to $60 billion with funding from new and existing investors. 

The company, which offers buy-now-pay-later credit to shoppers, has had a breakneck pace of growth as it expanded into 17 markets globally, though its yearly operating losses have almost doubled to $487 million. Its investors include SoftBank Group Corp., Sequoia Capital and Permira. 

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