Klarna Bank is considering raising fresh funds at a significantly lower valuation than it achieved a year ago, according to people familiar with the situation, a sign of the punishing environment for tech companies.

The Swedish payments firm is in talks with investors about a deal that could value the company at around $15bn, the people said, less than it was seeking just last month. The Wall Street Journal reported Klarna was in talks to raise up to $1bn at a low $30bn-range valuation. One of the people said the current talks could yield at least $500m. There is no guarantee a deal will take place.