Klarna, the global digital bank and flexible payments firm, has filed applications to set up its own bank in the United States.
The company has approached both the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation (FDIC) with plans to create Klarna Bank USA, which would operate as an industrial bank chartered in the state of Utah.
Should regulators give the green light, the new entity would sit as a fully owned subsidiary of Klarna, carrying FDIC insurance and maintaining its own board, governance framework and internal controls.
Securing the charter would allow Klarna to take charge of banking operations it currently runs through partners, bolstering reliability across its payments, savings, credit and merchant services offerings while underpinning long-term growth. The firm claims the outcome for consumers would be a bank built around transparency and safety, combining digital tools with traditional banking products and doing away with hidden fees.
Klarna has held a European banking licence since 2017 and currently reaches American customers via partner banks. The firm says that since 2019 it has extended more than $91.3bn in responsible credit to US consumers, helping them avoid over $5.1bn in interest that would otherwise have accrued on revolving credit card balances. Around 30 million Americans now use the service annually, alongside hundreds of thousands of merchants who lean on the platform to expand their businesses.
Gary Harding has been appointed to lead the proposed bank as president and CEO. He arrives with more than ten years of executive experience in US financial services, having previously held the roles of chairman and CEO at Milestone Bank and president and CEO at Prime Alliance Bank.
The company said it intends to engage closely with regulators during the application process, in keeping with its established approach to regulatory cooperation, as it works to bring a modern, transparent banking offering to American customers.
Klarna co-founder and CEO Sebastian Siemiatkowski said, “Banking is built on trust. We’ve seen firsthand the appetite for a fairer, more transparent approach in the U.S., and our own banking license is the natural next step, giving customers tools to borrow responsibly and build financial confidence, while bringing greater competition, innovation, and choice to consumers and merchants alike.”
Copyright © 2026 FinTech Global
