Fintech Klarna has applied for a US banking licence as the Swedish fintech expands beyond its Buy Now, Pay Later products. According to Beinsure, the US-listed company now serves more than 30 mn customers in the country and has also introduced a US debit card.
The company filed applications with the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish Klarna Bank in the US.
A licence would let Klarna provide banking services directly rather than through partner banks.
Klarna, valued at $14.5 bn, continues to dominate as the largest unicorn, supported by institutional investors such as Sequoia Capital and CPP Investments, according to Biggest Unicorn Startups in Sweden.
Klarna has so far relied on US banking partners for its American credit products. The fintech said it has provided US consumers with access to more than $93.1 bn in credit through those arrangements.
A US banking charter would give Klarna direct control over credit issuance and other banking services (see TOP 50 Largest Banks by Assets and Deposits in the U.S.). The company already holds a European banking licence, although the US market has remained difficult for European financial firms seeking to enter at scale.
Klarna’s application arrives during an administration viewed as more open to new banking entrants under President Trump.
The company sees the licence as the next stage of its US expansion, where competition between fintechs and established banks remains intense.
Sebastian Siemiatkowski, Klarna’s co-founder and CEO, said the application follows growing demand for a fairer banking model. He said a US licence would give customers more tools to borrow responsibly and build financial confidence, while giving merchants and consumers more choice.
Banking is built on trust. We’ve seen first-hand the appetite for a fairer, more transparent approach in the US, and our own banking licence 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.
Sebastian Siemiatkowski, co-founder and CEO of Klarna
According to Beinsure, Klarna joins a group of European challenger banks pursuing direct access to the US banking market. Revolut applied for a US banking licence in March, while Dutch challenger bank Bunq submitted another application earlier this year.
Klarna has also pushed its brand through a US advertising campaign with former NBA player Shaquille O’Neal. The partnership forms part of a broader effort to build consumer recognition beyond BNPL.
