Invariant has picked up Klarna, a leader in the competitive “buy now, pay later” space that has been squeezed by rising interest rates.

Founded in Sweden in 2005, Klarna had ranked as Europe’s biggest start-up with a market valuation of $45.6B. That valuation is now in the $6.5B range, according to the Wall Street Journal.

The company has retail partnerships with 450K retailers across the globe, including Macys, Saks Nike, Sephora and Ikea.

Invariant is advising Klarna on banking, short-term credit and payments issues.

The Klarna team includes Carolyn Coda, who handled federal affairs at Swiss Re; Noah Marine, a veteran of Travelers Insurance; Matt Russell, House Ways and Means Committee staffer; Quincy Enoch, National Assn. of Mutual Insurance Cos alum; and Joseph Vaughan, an advisor on the House Financial Services subcommittee on diversity and inclusion matters.