The collaboration aims to provide iBilly users with a data-driven, all-in-one financial overview. Additionally, it enables iBilly to offer its budgeting technology to clients throughout Europe.
By working with Klarna Kosma, iBilly was able to expand throughout Europe and link to over 15,000 banks through a single integration. This has led to a 28% increase in monthly user growth and more than 70% of new users moving through with onboarding, as stated in the official press release.
Additionally, iBilly gained access to Kosma's single application programming interface (API). This allows it to synchronise and classify users' bank transactions. IBilly can provide a report that, for instance, makes loan and mortgage applications simpler by automatically creating a thorough review of a user's finances. This way, lenders can find all the data they need in a single document.
The partnership allows iBilly to focus on innovating the app to generate smarter insights to help their customers budget, save, and maintain healthy finances.
Launched in 2021, iBilly is a budgeting app which uses artificial intelligence (AI) technology to enable users to streamline their bank accounts, budgets, and saving goals all in one place. Whether users want to save for a retirement or get on the property ladder, the app provides them with insights into their current and future financial situation by retrieving and categorising transactions. This gives them an overview of their income and expenses on a daily basis.
iBilly has recently introduced a web dashboard, the iBilly Navigator, providing a multichannel experience that lets customers choose whether they want to use iBilly on a mobile device or a desktop.
Users can now create charts and diagrams on-demand, as well as generate stats and insights. iBilly is also allowing users to connect one bank account for free. It continues to refine its solution and develop new insights that build on the power of Open Banking.
Kosma provides financial institutions, fintechs and merchants with the essential connectivity to build the next generation of fintech apps and services by providing simple and secure access to 15,000 banks in 27 countries around the world through a single API. This business unit harnesses the growth Klarna has seen in this area, having more than doubled the number of connected banks in 2022. Today, Kosma processes close to a billion information requests to bank accounts each year.
As Daria Berdnikova explained in an interview with The Paypers, Klarna Kosma works together with traditional institutions to build new propositions. With both Account Information Service (AIS) and Payment Initiation Service (PIS) on offer, they can build a product that’s easy to use and understand for their customers, boosting conversion and adoption rate and directly impacting Kosma’s partners’ toplines. Whether a company wants to automate some processes or go the extra mile with personalising their offering to end consumers — using open financial data can help with both.
Klarna Kosma was recently featured in the 2022 version of the Open Banking report. If you would like to find out more about the company, we encourage you to download the report and visit its profile from our online company database.
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