With its own picture recognition tool powered by artificial intelligence and designed to help users locate things they wish to buy, Swedish digital startup Klarna is aiming to compete with major U.S. internet firms.
Users will be able to use the tool, which Klarna launched on Wednesday, to point their phones at a piece of apparel or an electronic device and obtain results for comparable things right inside the Klarna app.
It works in a manner similar to how Google Lens points users to suggestions based on objects they have taken with their camera.
The software was developed using data from PriceRunner, a pricing comparison website that Klarna purchased for about $1 billion.
Amazon, Google Shopping, and the French company Kelkoo are just a few of the companies PriceRunner competes with.
′′We view AI as a major opportunity for Klarna, and the way we are addressing it is to give everyone at Klarna the tools and assistance they need to use AI in their day-to-day jobs,′′ David Sandstrom, chief marketing officer of Klarna, told CNBC.
“Our distinctive operating model enables us the agility to take advantage of emerging opportunities that bring superior consumer benefits, such as artificial intelligence, faster than bloated traditional banks and credit card firms,” the company’s website claims.