Klarna Kosma, which is Klarna‘s financial technology platform for banking institutions, Fintech firms and retailers, announced its working relationship with Airbank, a digital financial management platform for companies.
Klarna Kosma’s Open Banking platform offers Airbank with access to the largest international network of banks, considerably accelerating the Berlin-headquartered Fintech firm’s ongoing expansion into European markets and other jurisdictions.
Airbank enables companies to effectively manage their finances by consolidating all their bank accounts in a single location. SMEs and startups reportedly use Airbank to monitor their business accounts in real-time, automate their bill management and complete payments via the portal. This way, Airbank assists firms with keeping track of their financial transactions, forecast their liquidity and finalize payment processes.
The global expansion is a vital step for Airbank. Rather than acquiring various technologies for each market, Klarna Kosma’s open banking platform gives Airbank secure access to account information from 15,000 banks in 26 different countries via an API integration. The broad market coverage sets the foundation for a global expansion effort as well as opening up Airbank’s platform to SME clients.
Recently, the Fintech secured $20 million via a funding round for their expansion plans.
Christopher Zemina, founder and CEO of Airbank, said:
“By the end of this year, we will serve over 50 countries, making Airbank the most comprehensive global banking solution for SMEs in the industry, with the ability to connect bank accounts from almost anywhere in the world. We are delighted to have Klarna Kosma as an experienced and dynamic partner that shares our ambition to shape the future of B2B financial management.”
Wilko Klaassen, VP, Klarna Kosma, said:
“The market for fintechs focused on SMEs harbors enormous potential for growth. Yet, hardly any open banking providers are addressing their needs. We are proud to empower Airbank to make the leap to a global stage with our proven API and help to drastically simplify financial management for SMEs around the world.”