Buy now, pay later FinTech Klarna has launched a sub-brand focusing on open banking.
In Brief:
The business unit Kosma will be dedicated to targeting financial services businesses.
Its open banking platform will rapidly reduce the time it takes for new FinTech services to scale.
Kosma will offer financial institutions, FinTechs and merchants connectivity across 15,000 banks in 24 countries through an API.
What does this mean?
Klarna began as a POS payment option but is now building a vast ecosystem of merchants. Open banking through an API has proved so essential to building a network that it’s become necessary to build an entire venture business unit – which already processes close to a billion information requests to bank accounts each year.
