The Klarna giant, which operates in the field of buy now pay later, has created a sub-brand and an open banking business division. In this way, it helps businesses connect to its network of thousands of banks across Europe and the US.
Klarna Kosma promises to provide financial institutions, fintechs and merchants with the connectivity to build FS applications and services, providing simple and secure access to 15,000 banks in 24 countries through a single API.
Klarna first entered the open banking sector when it acquired Sofort, a bank-to-bank direct payment service in Germany, in 2014. Since then the Swedish giant has developed the service, expanding it to twice as many markets, and has begun to use open banking to fuel additional domestic services.
The platform is already used by third parties, including Finom, an Amsterdam-based Startup, which offers financial management, business banking and invoicing services to SMEs and freelancers in France, Germany and Italy.