Klarna expands its open banking offering to eight new countries

Hot off the back of a mammoth $1bn raise, Klarna has expanded its open banking offering into eight new countries.

As of today, Klarna’s open banking solution is now available in 24 countries across Europe, including new additions Portugal, Denmark, Luxembourg, Ireland, Croatia, Estonia, Lithuania and Latvia.

Klarna has a minimum of 90 per cent coverage of local banks in the 24 countries it operates in. 

Koen Köppen, CTO at Klarna, said: "Since we launched our Open Banking Offering in March 2019 our growth trajectory has been tremendous. That's why we're excited to launch in 8 more markets today and expand our product offering even further, as we continue to lead Europe's Open Banking industry covering more than 6,000 banks across 24 countries.”

“The ability to empower consumers through financial data should not be at the discretion of a single provider but open to many providers so that more solutions can be developed that put the customer at the centre of their personal finances."

As well as expanding its open banking into new markets, Klarna is also introducing a new Account Insights tool to help users track and categorise their spending more easily through the fintech’s simple API. 

Klarna’s open banking solution processes more than 150m transactions every year, offers third-party providers simplified access to consumer bank account data and payment initiation (PIS) in line with PSD2. 

As of late, Klarna has been hell-bent on reshaping its public image, moving away from its buy-now-pay-later roots and towards becoming a one-stop-shop financial institution.

Klarna has held a banking licence since 2017 and has been launching more and more banking products recently. 

In February, the fintech launched bank accounts for a select number of its German customers, just six months after Klarna also launched its first savings product in Germany with the help of fellow fintech Raisin.

Earlier this week, Klarna finally confirmed its $1bn funding round after weeks of speculation, making it Europe’s most valuable fintech once more with a valuation of $31bn.