Klarna has scrapped its eponymous banking brand Klarna Kosma after just under 18 months of operation.
The BNPL giant launched the platform as a “major strategic move” last April, but has now been forced to axe the open banking platform, according to Tech.eu.
Despite the move, it has been suggested that there will be no job cuts, and Klarna Kosma VP Wilko Klassen will continue to lead the division for the Swedish company.
A Klarna spokesperson said: “Since we launched in April 2022, our open banking business has grown tremendously.
“Due to this impressive growth we have taken the decision to connect the brand even more closely with Klarna so the business unit will no longer operate under a separate brand, but under the Klarna corporate brand.”
Klarna Kosma houses Klarna’s open banking platform, and was launched at the amidst a serious peak for the open banking sector in April 2022.
The decision to scrap the platform is believed to have been taken last month – in a bid to market the company’s resources under one unique banner.
The Swedish BNPL giant recently reported stellar Q1 results as well as a new partnership with AirBNB to bounce back following a disappointing 2022 which saw them post a $1B annual loss.
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