Klarna, the Stockholm-based buy-now-pay-later outfit racing toward an IPO, isn't done shaking up its board.

Seven directors just voted to remove investor Mikael Walther from Klarna's eight-person board, nearly eight years since his entry. A close ally of co-founder Victor Jacobsson, Walther is still a significant shareholder and thorn in the side of a co-founder and chief executive since nearly two decades, Sebastian Siemiatkowski, who jettisoned him, whereas Jacobsson retired eight years ago.

It is the second dramatic turnover of Klarna's board this year. Not long after accepting a seat on Klarna's board in January, Sequoia Capital investor Matt Miller was reported to have pushed for the ouster of super-VC Michael Moritz, who wrote that first check from Sequoia back in 2010, who remains Klarna's chair even though he resigned from Sequoia last year, and with whom Miller reportedly immediately began to feud.

About six weeks later, after a war waged in the press, Sequoia apologized, pulled back Miller, and installed a third partner, Andrew Reed, who continues to represent the firm.