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Klarna partners with the Money Adviser Network

Wednesday 19 July 2023 14:57 CET | News

Sweden-based Buy Now, Pay Later provider Klarna has partnered with the Money Adviser Network to give its clients access to free and impartial debt advice.

 

The collaboration is part of Klarna’s ongoing efforts to promote healthy spending habits. It’s worth noting that, at the time of writing, Klarna is the only BNPL entity that actively works with the Money Adviser Network. The Money Adviser Network is supported by a governmental body named MoneyHelper, and it provides debt advice for citizens through StepChange, Citizens Advice or the National Debtline. 

In order to ensure that clients can gain access to advice as quickly as possible, the Money Adviser Network automatically identifies the debt advice services with the most available advisers. In essence, Klarna clients who are concerned about their finances or would like independent and free credit advice will benefit from 24/7 support. 

Klarna’s partnership with the Money Adviser Network comes in the context of the FCA’s imminent implementation of Consumer Duty. According to ukfinance.org.uk, Consumer Duty comes into force on 31 July 2023 for existing products and services, and it seeks to ensure that customers receive ‘good outcomes,’ and that companies provide evidence that these outcomes are being met. The Duty applies to products and services provided to both B2C (Business-to-Consumer) customers and retail clients, including SMEs.

 

Sweden-based Buy Now, Pay Later provider Klarna has partnered with the Money Adviser Network to give its clients access to free and impartial debt advice.

 

Other important developments from Klarna 

In June 2023, Klarna has unveiled new climate-focused tools that aim to help users make more conscious purchasing decisions. To be specific, Klarna expanded CO₂e emissions tracking insights within the Home and Gardens and Jewellery and Accessories categories. 

This upgraded emissions tracking system offers information about the number of emissions set free for nearly 93 million products, thus giving users more insight into the environmental impact of their purchases. In partnership with carbon tracking platform Vaayu, Klarna’s tracker provides granular carbon footprinting for an additional 1.4 million products across these two additional categories. 

In the same month, Klarna launched in Romania with its ‘Pay in 3’ service and shopping app. According to Klarna’s consumer research, 45% of Romanians prefer an interest-free, Buy Now, Pay Later service for their more expensive purchases, while 54% of Romanians using the internet think that new technology encourages improvement in the financial industry, through more transparent and fair services.  

Following this development, Romanians received access to the interest-free Pay-in-3 solution, alongside the Klarna app, both of which offer a secure and fast payment experience. 

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


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Keywords: partnership, lending, customer experience, BNPL, regulation
Categories: Payments & Commerce
Companies: Klarna
Countries: United Kingdom
This article is part of category

Payments & Commerce

Klarna

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