Klarna Expands: Releases Open Banking Solution to Eight More European Markets

 

Payment processing and global retail banking platform Klarna announced on Wednesday it has expanded its open banking solution to eight more  European countries. The countries are  PortugalDenmarkLuxembourgIrelandCroatiaEstoniaLithuania, and Latvia. According to Klarna, the solution processes more than 150 million transactions per year, offers third-party providers access to consumer bank account data though “Account information” (AIS) and “Payment initiation” (PIS) services in line with Payment Services Directives (PSD2).

Klarna further revealed that as part of the latest expansion, it has introduced “Account Insights,” which is a new solution that turns simple bank statements into insights through categorization and data enrichment, which may enable a variety of use cases including personalized budget plans. Speaking about the expansion, Koen Köppen, Klarna’s CTO, stated:

“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.”

As previously reported, Klarna was founded in 2005 offers products and services to consumers and retailers within payments, social shopping, and personal finances. It enables consumers to make open payments quickly, easily, and securely; immediately, delayed, or in installments. The platform notably works with over 250,000 retailers including in Germany H&M, Spotify, MediaMarkt, Expedia, Nike, and Deutsche Bahn. 

The open banking solution expansion comes just days after Klarna announced it secured $1 billion through its equity funding round to accelerate international expansion and further capture global retail growth. According to Klarna, the round subscribed four times the amount it originally sought to raise, included a combination of new and existing investors. The company’s valuation is now $31 billion and it is claiming to be the highest-valued private fintech in Europe and second-highest worldwide.

Open banking market availability in EuropeAustriaBelgiumCroatiaCzech RepublicDenmarkEstoniaFinlandFranceGermanyHungaryItalyLatviaLithuaniaLuxembourgthe NetherlandsNorwayPolandPortugalSlovakiaSpainSwedenSwitzerlandIreland, and the UK.

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