You may have read press reports this week alleging that Klarna is closing its open banking business. This is absolutely not true.
The truth is, we have made a change to the way we communicate our open banking products. While Klarna Kosma will continue to be the product brand for our banking infrastructure service, we will bring our other open banking services closer to the Klarna brand.
Back in April 2022, Klarna launched “Kosma” as an umbrella brand encompassing all of our open banking endeavors. This included the bank aggregation service, and various other initiatives like an account-to-account payments service. The goal was to streamline our offerings under a unified brand, ensuring customers and partners could easily access and understand our open banking services.
Rapid growth.
Since the launch our open banking business has grown tremendously. The monthly transactions from external companies (i.e. excluding Klarna’s own use of the platform) on Klarna’s open banking platform have grown by 210% in the past 12 months. Due to this impressive growth, Klarna has changed the architecture of the brand. Klarna Kosma will continue as the identity for the bank connectivity product. This innovative service allows fintech companies to access 15,000 banks worldwide through a single API, fostering seamless integration and connectivity in the finance sector. This allows us to provide more focus to this fast-growing business.
The other products which are based on our open banking infrastructure, for example account-to-account payments, will take on the Klarna brand.
We continue to invest in open banking.
So, if you’ve been following the recent media reports with concern, rest assured that Klarna continues to invest in our open banking services and has plans to further expand them to consumers and partners.