With the new offering, customers can easily track, categorise and analyse their everyday spending, using the company’s Klarna app
Klarna introduce consumer bank account in Germany. (Credit: Klarna Bank AB.)
Swedish payments and financial services provider Klarna has rolled out new consumer bank accounts offering in Germany to help customers further control their finances.
With the new offering, customers can easily track, categorise and analyse their everyday spending, using the company’s Klarna app, which was launched earlier this year.
The account includes a Visa debit card, dubbed Klarna Bank Card, which can be connected to both Google Pay and Apple Pay apps. Customers can withdraw cash at all ATMs at free of charge, for two times a month.
The bank is offering the product exclusively to a limited number of Klarna’s loyal consumers, in order to collect and integrate feedback before gradual rolling out in the coming months.
Klarna CEO Sebastian Siemiatkowski said: “Our focus is to provide a superior shopping experience to our consumers at the intersection of retail and banking.
“And we know that there’s still massive room for improvement to the way many people bank and save their money today. Users are demanding more seamless, intuitive and transparent services to meet their daily needs, but many banks still do not cater for this.
“We are very excited to introduce Klarna Banking today, bundling shopping and banking in one app and allowing our consumers to bank in the same seamless way as they shop with Klarna.”
With the new consumer account offering, German consumers can set savings goals and benefit from Klarna’s savings accounts product in future, using the Klarna app.
The company said that companies in the financial sector, especially traditional banks, have had to struggle with the changes related to digitisation.
Its new offering would demonstrate an increasing change, and address the customer needs.
Klarna has developed a unique KYC process called Klarna Ident, to enable self-service sign up for the consumer bank account, in addition to video identification.
The product offers a smart budgeting feature, enabling customers to make monthly budgets to transparently visualise their spending across purchase categories.
In June last year, the company has introduced a customer loyalty programme, dubbed Vibe this summer, as a buy now, pay later service.