Klarna launches dedicated open banking unit

Global retail bank, payments and shopping service Klarna, has launched Klarna Kosma, a sub-brand and business unit to harness the growth of its open banking platform.

Klarna, which has been on a mission to revolutionise the retail banking industry since 2005, said Kosma rapidly reduces the time for new FinTech services to reach global scale and provides the essential building blocks for innovation in financial services.

Launched in 2022, Klarna Kosma is a platform for banks, FinTechs and innovative merchants, which are developing payment services or need access to financial data to create their own solutions benefitting the end-user. Kosma provides financial institutions, FinTechs and merchants with secure access to 15,000 banks in 24 countries around the world through a single API.

The platform is already being used to power a broad range of business and consumer focussed innovations. FINOM, for example, is an Amsterdam-based start-up which offers financial management, business banking, and billing services to SMEs and freelancers in France, Germany and Italy. The company integrated with Klarna to create a new generation of digital invoices, which include a ‘Pay Now’ button which allows the payment directly from the invoice, helping its small and micro-business clients to collect their money much faster, improving cash flow

Yaron Shaer, chief technology officer at Klarna, said, “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.”

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