Klarna, the Swedish financial company best known for its BNPL (Buy Now, Pay Later) products today said it had applied for a US banking licence.
Klarna, which is listed in the US, has been making a big play in the US, where it says it now has over 30m customers and its services include a US debit card. The US banking market has proved a tough nut to crack for European entrants. However, President Trump’s administration is seen as more open to new entrants in the market.
The fintech said it had applied to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) to set up Klarna Bank in the US.
In the US, Klarna has until now served banking services to its US customers through partner banks. It says it has provided Americans with access to over $93.1bn in credit.
Acquiring a US banking licence would mean it could provide these services itself. It would mean Klarna, which has a European banking licence, for example, could offer credit products itself..
