Klarna, a global retail bank, payments, and shopping service, has introduced a new sub-brand and business unit ‘Klarna Kosma’. The new launch intends to harness the rapid growth of its Open Banking platform.
Kosma provides simple access to 15,000 banks in 24 countries around the world through a single API. The new business unit rapidly reduces the time for new fintech services to reach global scale. It provides financial institutions, fintechs and merchants with essential connectivity used to build fintech apps and services. Kosma is expected to harness the massive growth Klarna has seen in this area, having more than doubled the number of connected banks in the past year.
Yaron Shaer, CTO, Klarna, commented:
With Kosma we are opening up the power of our proprietary Open Banking platform and technology to banks, merchants and fintechs who share our dream of a world where consumers own their data and banks compete for customers by delivering value, not by locking in data.
FINOM, an Amsterdam-based start-up offering financial management, business banking, and billing services to SMEs and freelancers in France, Germany and Italy, has integrated with Klarna. They use it to create a new generation of digital invoices, which include a ‘Pay Now’ button, allowing the payment directly from the invoice. This functionality helps small and micro-business clients to collect their money much faster, improving cash flow.