Sequoia Heavyweights Clash Over Fintech Unicorn Klarna
- Disputes within Klarna spilled over into high-profile VC drama
- Sequoia backtracked on plans to boot Moritz from board
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Sequoia Capital has named a new board member for fintech Klarna Bank AB, seeking to quell a conflict that has ensnared the storied venture capital firm, its high-profile former partner and one of the largest startups in Europe.
The saga unfolded after long-term disagreements between two of the founders at Stockholm-based Klarna, said people familiar with the matter. That conflict drew in current partners at Sequoia, Klarna’s major backer, pitting them against their own former partner and Silicon Valley heavyweight Michael Moritz.