Klarna is introducing a new “account” feature that allows customers to store money and cashback rewards, as the Swedish fintech company expands its services beyond its buy now, pay later (BNPL) origins into more traditional retail banking offerings.
The Klarna account will be available in 12 countries across Europe and in the US, enabling users to add funds directly from their bank accounts. Additionally, a cashback feature will provide rewards to users who shop through the Klarna app. Customers will earn a percentage of their purchases at participating retailers, with the cashback credited to their Klarna balance.
Following the launch of the Klarna Card in the US, which is already active in select European markets, the company aims to disrupt traditional banking with these new offerings.
Sebastian Siemiatkowski, CEO of Klarna, stated, “We are already one of the most trusted brands in financial services, and we want to build on that to support all consumers with their everyday spending. Today’s launches are a significant advancement, allowing consumers to earn money while they shop and manage it in a Klarna account.”
This expansion into traditional banking services coincides with Klarna’s preparations for a US initial public offering (IPO), expected in the first half of next year.