By Amelia Isaacs on Wednesday 25 January 2023
The Swedish BNPL is gamifying money management with the aim of making it more approachable for its millions of customers.
Could the next trend be posting your ‘Klarna Wrapped’ on your Instagram story instead of a look back on all the music you listened to in 2022? Maybe, maybe not.
Either way, Klarna customers in the UK, US, Sweden and Germany now have access to a new Spotify-esque feature, ‘Money Story’ that provides a personal overview of their spending for 2022 in a social media savvy way.
The ‘buy now, pay later’ giant, which described itself as “the global leader in the generational shift away from credit cards” is launching the feature to show consumers their spending habits in an interactive “story” format, in the hopes of making money management more accessible.
“Our goal with Money Story is to make financial wellness more approachable for millions of consumers,” Klarna head of card and banking Felix Würtenberger said.
According to Klarna’s holiday survey last year, the fourth most popular New Year’s resolution for consumers in the UK is to save money or spend less.
Klarna’s Money Story will supposedly make this an easier resolution for customers to keep by providing “clear and concise” spending insights, and the app will “nudge” them towards using its money management tools to meet their goals.
“By gamifying the often dull and daunting chore of money management, we hope to inspire users to take control of their finances and make the most of their hard-earned money in 2023 and beyond,” Würtenberger added.
Alongside their total spending for 2022, customers will get insights sorted by month, retailer and category with data from all their spending through Klarna.