Sveriges Klarna launches the new open banking service “Klarna Kosma”: Here’s why
Klarnaa Stockholm-based fintech company “Buy now, pay later”, announced on Thursday that they have launched “Klarna Kosma” to take advantage of the growth of their Open Banking platform.
The Swedish company entered the Open Banking area when it acquired SOFORT, a direct bank-to-bank payment service in Germany, in 2014.
Will AI be able to disrupt the translation market? Find out.
Klarna Kosma
Klarna Kosma provides financial institutions, fintechs and merchants with the necessary connectivity to build the next generation of fintech apps and services by providing secure access to 15,000 banks in 24 countries through a single API.
Klarna says that Kosma processes close to one billion information requests to bank accounts every year.
The platform is currently used to drive a wide range of business and consumer-oriented innovations, including FINOM, ZealiD and others.
To begin with, FINOM is an Amsterdam-based startup that offers financial management, commercial banks and invoicing services to small and medium-sized companies and freelancers in France, Germany and Italy. They have integrated Klarna to help their small and micro business customers collect their money much faster, which improves cash flow.
Konstantin Stiskin, board member and co-founder of FINOM, says: “Over 5,000 corporate customers at FINOM already use Klarna’s solutions to improve their lives. Professional and small and medium-sized companies are the backbone of the European economy, but they are largely understaffed when it comes to At FINOM, we work every day to address this issue, giving European entrepreneurs the best tools to make their work and lives easier. ”
Similarly, ZealiD, a Stockholm-based company that provides a digital identity and signature service that enables consumers to register and log in online and sign agreements, uses Klarna’s Open Banking platform to identify and validate the consumer’s identity.
Philip Hallenborg, founder and CEO of ZealiD, says: “Thanks to Klarna, ZealiD was able to implement the solution quickly and connect to hundreds of banks in all EU member states.”
Klarna uses Open Banking to run Account Insight Services (AIS), provides insights to shoppers directly in the Klarna shopping app and provides real-time data to make responsible loan decisions for Klarna’s payment methods.
Wilko Klaassen, VP of Klarna Kosma, says: “Over the past year, demand for Open Banking services from financial institutions and fintech start-ups has reached a tipping point, which is why we have built a dedicated business unit that gathers technology, product management, sales and marketing together in the same team to focus on this fast-growing $ 15 billion market. ”
Klarna: What you need to know
Klarna was founded by Niklas Adalberth, Sebastian Siemiatkowski and Victor Jacobsson in 2005 and is a platform for e-commerce payment solutions for merchants and shoppers.
Klarna claims to have 147 million global active users and 2 million transactions a day. It has over 400,000 global retail partners, including H&M, Saks, Sephora, Macys, IKEA, Expedia Group, Samsung, ASOS, Peloton, Ralph Lauren, Abercrombie & Fitch, Nike and Shein.
With over 5,000 employees, Klarna operates in 45 markets and is one of the most valued private fintechs globally, with a valuation of $ 45.6 billion (approximately EUR 41.2 billion).
How the collaboration with Salesforce helped him succeed!