Klarna Saves $10 Million Annually, Cuts Agency Costs by 25% Using Generative AI

May 28, 2024, 06:47 PM

Swedish payment and fintech company Klarna has leveraged generative AI to significantly reduce its marketing expenses. The company reports annual savings of $10 million by cutting costs associated with photographers, image banks, and marketing agencies. Klarna's partnership with OpenAI has enabled it to replace external agencies for tasks such as translation, production, CRM, and social media work, resulting in a 25% reduction in agency expenses. The company has produced 1,000 in-house AI-generated images in just three months, saving $6 million on image production alone.