Klarna's Open Banking platform to operate under it's corporate brand

Tuesday 1 August 2023 11:56 CET | News

Sweden-based Klarna has dropped its Open Banking brand Klarna Kosma and is planning to move the sub-brand directly under the Klarna corporate brand.  

The BNPL firm released Klarna Kosma as one of its brand units in April last year, and it was developed to host Klarna’s Open Banking platform. The Klarna Kosma integrated an account aggregation tool that gave clients of the firm the possibility to plug into Klarna’s API and access account statements, as well as to garner other banking information, data, and details from several banks and financial institutions around the world. 

As mentioned by the company officials, the Kosma brand will in the future be used for the core bank account aggregation service. The other associated services (e.g. bank-to-bank payments) will be folded under the  Klarna corporate brand. 

Following the announcement, Klarna mentioned that it does not plan to cut jobs within its business and that the overall Open Banking platform is still performing well.

Sweden-based AI-powered Buy Now, Pay Later provider Klarna has announced the decision to scrap its financial technology platform Klarna Kosma.

Klarna’s strategy of development

Klarna had multiple partnerships and product launches in the last couple of months, covering several geographic areas around the world. 

In July 2023, the global payments network announced its partnership with UK-based luxury store Liberty in order to provide the company with payment flexibility. Following this collaboration, the British department store Liberty was enabled to use Klarna’s flexible and interest-free payment options that were made available online.

Based on the information offered in the press release published at the time, the partnership aimed to assist Liberty’s clients with saving money, funds, and time, as well as to enable them to shop in a more efficient and secure way by using the payment methods offered by Klarna. At the same time, customers were given the possibility to manage their spending and keep an eye on their financial balance through the Klarna application. 

Earlier in the same month, Klarna collaborated with the Money Adviser Network in order to provide clients with access to free and impartial debt advice. The deal represented a part of Klarna’s efforts to promote a healthier and more efficient way for customers to make spending habits. The Money Advised Network was supported by a governmental institution entitled MoneyHelper, and it offered users debt advice through the use of StepChange, Citizens Advice, and the National Debtline. 

Klarna launched new climate-focused tools that aimed to improve the way in which customers make more conscious purchasing decisions in June 2023. Klarna expanded CO2e emissions tracking insights within the home and garden categories, as well as jewelry and accessories. 

For more information about Klarna, please check out their detailed profile in our dedicated, industry-specific Company Database.

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Keywords: mobile banking, online banking, digital banking, Open Banking, Open Finance, financial services, financial institutions
Categories: Banking & Fintech
Companies: Klarna, Klarna Kosma
Countries: Sweden
This article is part of category

Banking & Fintech



Klarna Kosma

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