Swedish Fintech Expands Banking Capabilities, Partnerships, and Profit Focus Ahead of IPO
Klarna’s Shift to a Full Neobank Model
Klarna, once Europe’s highest-valued fintech, is making an aggressive push into digital banking. Best known for its buy now, pay later (BNPL) model, the company is rebranding itself as a neobank as it gears up for a second attempt at a U.S. IPO.
With investor scrutiny intensifying, Klarna is diversifying beyond installment loans by introducing products that mirror digital banks like Chime and Revolut. CEO Sebastian Siemiatkowski noted that recent moves are part of Klarna’s mission to help customers save both time and money.
Expanding U.S. Banking Footprint
In June, Klarna launched a debit card in the U.S. through a partnership with Visa. Unlike its BNPL offering, the card allows users to pay upfront, with funds stored in FDIC-insured deposit accounts.
The company also rolled out a mobile service operating on AT&T’s network. These additions follow earlier savings and deposit products in Europe and signal Klarna’s intent to offer a broader suite of consumer financial tools in its largest market.
Though Klarna has held a Swedish banking license since 2017, it is now positioning itself primarily as a digital bank rather than just a payments platform.
Klarna and Bolt: Checkout Integration for Growth
To accelerate adoption in the U.S., Klarna has partnered with Bolt, a leading one-click checkout platform. The integration will make Klarna the default payment method across all Bolt-powered merchant sites.
Key Elements of the Klarna and Bolt Partnership:
- Default Placement: Klarna will be prominently featured as the preferred payment option for Bolt’s network of merchants.
- Instant Activation: Merchants can enable Klarna’s Pay in 4 and Financing options without additional tech lift or contracts.
- Frictionless Checkout: Customers will experience seamless one-click payments, combining Klarna’s flexibility with Bolt’s speed and identity features.
- Ecosystem Expansion: Klarna gains access to Bolt’s 80 million users, expanding its reach and market visibility.
“By embedding Klarna natively, we’re giving every merchant a turnkey way to offer flexible payments,” said Bolt CEO Ryan Breslow.
Looking Ahead
Klarna’s transformation from a BNPL specialist to a digital bank reflects its urgency to evolve ahead of its IPO. Between its U.S. banking push, mobile services, and key partnerships, the company is working to position itself as a serious contender in the global neobank space.
With competitors like Revolut and Monzo surging in valuation and investor interest returning to the fintech sector, Klarna’s next move will be closely watched. The challenge is clear: prove long-term profitability and convince markets it belongs in the top tier of global digital banks.
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References
- Financial Times – https://www.ft.com/content/c0b696e0-4453-4f2a-a762-ba1f33f958a7
- PR Newswire – https://www.prnewswire.com/news-releases/klarna-and-bolt-partner-to-deliver-one-click-flexible-payments-to-80-million-shoppers-in-the-us-302493987.html
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