In the midst of change and transformation from the PSD2 legislation and steps towards European Open Banking, the Swedish fintech giant is expanding its strategy.
Fintechs, banks and other businesses will be able to develop new offerings following the launch of Klarna’s new Open Banking platform, enabling access to more than 4,300 European banks through a single API.
Klarna, a leading payments provider and a newly-licensed bank, was founded in Sweden in 2005, and now works with 100,000 merchants across 14 countries. Its new platform provides established and neo-banks, other fintechs as well as regular licensed businesses the ability to tap into Open Banking powered services. This could include payments, personal financial management tools, the ability to switch providers of mortgages or cheaper energy offers, new credit and insurance products and wealth management, the firm says.
Klarna says Open Banking and the recent PSD2 legislation alongside “high-quality” APIs will drive innovation and competition as well as empowering consumers across Europe with increased choice and control over their finances.
Koen Köppen, Chief Technology Officer at Klarna, says we are in the midst of change and transformation ahead of more European Open Banking adoption.
“Our technology allows us to offer an ecosystem of services not only to consumers but also to businesses - whether that’s in retail, financial services or technology. We look forward to seeing all new solutions and products that will grow out of this, creating a consumer centric financial services industry in Europe.”