Klarna (NYSE:KLAR), the global digital bank and payments provider, announced on July 6, 2026, that it has formally applied for approval to establish its own banking subsidiary in the United States. The company submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) to create Klarna Bank USA, a proposed industrial bank chartered in Utah.
If regulators approve the request, Klarna Bank USA would operate as a wholly owned subsidiary of Klarna Inc.
The new entity would hold FDIC insurance for customer deposits and maintain its own independent board of directors, governance framework, and internal controls.
This structure would allow Klarna to internalize key banking functions currently handled through partner institutions.
The move represents a significant evolution for the company in the American market.
Since entering the US in 2019 through partnerships with existing banks, Klarna has extended more than $91.3 billion in responsible credit to consumers.
According to the company, this activity has saved Americans over $5.1 billion in interest costs compared with traditional revolving credit card debt.
Today, approximately 30 million U.S. consumers use Klarna annually, while hundreds of thousands of merchants rely on its platform to drive sales.To lead the proposed bank, Klarna has appointed Gary Harding as President and CEO of Klarna Bank USA.
Harding brings more than a decade of senior leadership experience in U.S. banking, including previous roles as Chairman and CEO of Milestone Bank and President and CEO of Prime Alliance Bank.
Klarna CEO and co-founder Sebastian Siemiatkowski described the application as a natural progression.
“Banking is built on trust,” he stated.
“We’ve seen firsthand the appetite for a fairer, more transparent approach in the U.S., and our own banking license is the natural next step, giving customers tools to borrow responsibly and build financial confidence, while bringing greater competition, innovation, and choice to consumers and merchants.”
Should the charter be granted, Klarna expects to strengthen reliability across payments, savings products, credit offerings, and merchant services.
Consumers would gain access to a single platform combining digital tools with traditional banking products in a transparent environment free of hidden fees.
The company has operated as a licensed bank in Europe since 2017 and views the US application as an extension of that regulated experience.
As covered, the Klarna platform serves more than 119 million active users and processes 3.4 million transactions daily through its AI-powered network. Its merchant partners include major retailers and service providers across multiple industries.
The Fintech focused company has stated it will continue close engagement with regulators throughout the review process, consistent with its established approach to compliance. Approval, if granted, would mark a key step forward in Klarna’s strategy to expand its direct presence in one of the world’s largest consumer finance markets while offering Americans an alternative model focused on simplicity and responsible financial tools.