For now, Klarna is launching bank accounts for a limited number of users. The company expects to roll it out more broadly in the coming months. What you get is a full-fledged bank account with a German IBAN to receive money, set up direct deposits and debits. The debit card works with Google Pay and Apple Pay.

Klarna started as a payment method for ecommerce websites. It lets you pay for expensive goods over multiple instalments. Merchants get paid when the initial transaction occurs, with Klarna transparently managing credit lines for customers.

With the company’s mobile app, you can track your past purchases and your upcoming payments. The app also lets you access a marketplace of stores, track deliveries and set up price-drop notifications. Adding a bank account provides full visibility in everything that lands on your bank account and leaves your bank account.

Klarna also plans to add savings goals and savings accounts. The startup has already launched savings accounts in Sweden. It offers flexible and fixed-term savings accounts. The company has built its own core banking system, which means that it doesn’t rely on a banking-as-a-service partner to manage bank accounts.