Klarna launches open banking division

Fintech company Klarna, which is mainly known for ‘buy now, pay later,’ is looking to compete with the likes of Tink and Plaid with a new open banking offering.

The Swedish company announced Klarna Kosma, its open banking division that provides connections to 15,000 banks across 24 countries. The platform is already being used by several companies.

“Over the past year, the demand for Open Banking services from financial institutions and fintech start-ups, has reached a tipping point, which is why we have built a dedicated business unit which brings together engineering, product management, sales and marketing all together in the same team to focus on this $15bn, fast-growing market.” – Wilko Klaassen, VP, Klarna Kosma.

“With Kosma we are opening up the power of our proprietary open banking platform and technology to banks, merchants and fintechs who share our dream of a world where consumers own their data and banks compete for customers by delivering value, not by locking in data.” – Yaron Shaer, CTO, Klarna.