Klarna Bank AB announced an agreement with Alipay and Adyen to use its Pay Later  technology on AliExpress, the global ecommerce marketplace owned by Alibaba Group.

The agreement will allow customers of the site in Germany, the Netherlands, Austria and Finland to pay for purchases over time using the Klarna Pay Later financing technology, which is enabled by Adyen. Additional markets will be added throughout the year.

"We are delighted to be partnering with a global powerhouse and ecommerce leader such as AliExpress and together with Adyen enabling shoppers to have greater choice for how to pay at checkout," Michael Rouse, chief commercial officer at Klarna said in a company release.

He said AliExpress will be able to drive consumer preference, increase average order value and decrease cart abandonment rates.

Klarna late last month reported a 36% increase in annual sales volume to reach $29 billion. The company said that it partners with more than 130,000 merchants across verticals, with more than 25,000 added in 2018.