Klarna Bank is seeking to raise new funds that could value the fintech giant at almost a third less than the roughly $46bn valuation it achieved just under a year ago, according to people familiar with the matter, an example of the struggles facing the tech investing world.

Klarna specialises in buy-now-pay-later services, a popular type of cash advance that competes with credit cards and lets customers pay for goods and services in instalments without paying interest. Klarna makes money by charging merchants that offer Klarna’s services a fee.