Swedish payments firm Klarna has become Europe’s newest bank after it was granted a full banking licence by Finansinspektionen, the Swedish Financial Supervisory Authority.
The banking licence is an important step for Klarna, enabling the company to broaden its product portfolio for its 60 million customers and 70,000 merchants.
Earlier this year, Klarna announced the acquisition of Wonga’s German online payment subsidiary, BillPay, in a deal valued at around £60 million – subject to approval by the Federal Financial Supervisory Authority in Germany.
Sebastian Siemiatkowski, CEO of Klarna, said: “This is another exciting milestone on the Klarna journey to become the world’s favourite way to buy but also for the European banking sector. With the best technological platform, no organisational legacy and a focus on customer experience, innovation and simplicity, Klarna aims to transform parts of retail banking.
“As the entire banking value chain is being challenged, the payments sector has seen the most profound transformation. Klarna has played a role in disrupting payments services for the better and now as a consumer-oriented, product driven and technology intensive bank, we have the tools to drive change in retail banking.
“We will do this by providing solutions that ensure a smooth customer experience, help people streamline their financial lives and continue to support businesses by solving the complexity in handling payments.”
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