Fintech

Klarna Kosma opens up FinTech platform to accelerate Open Banking use cases — Retail Technology Innovation Hub

Klarna Kosma, Klarna’s technology platform for banks, FinTechs and retailers, has announced a new initiative to help firms develop Proofs of Concepts (POC) in the e-commerce, data analytics and FinTech space.

Klarna says it will enable a select number of startups and established companies to access all the products on its Open Banking platform and access 15,000 banks for three months, free of charge.

The initiative aims to accelerate the development of Open Banking use cases.

Launched in April 2022, Klarna Kosma provides financial institutions, FinTechs and merchants with access to 15,000 banks in 27 countries around the world through a single API.

“Open Banking was introduced to wrest control of consumer data away from the big banks and make it securely available to drive innovation” says Wilko Klaassen, VP Open Banking at Klarna,

“With that data accessible through simple APIs, with consumers’ permissions, a whole new vista of potential use cases has opened up. The initiative we are launching today aims to add rocket fuel to the innovation process.” 

Companies can apply here by indicating a hashtag #sandbox23 in their message along with the use case/idea they are building. They should also describe their target users and any existing user base.

Search and compare tool

Klarna is launching a new tool that compares prices across thousands of retailers.

The company quietly rolled out the service in the US a few weeks ago, and is now extending this into the UK, Sweden and Denmark.

Consumers can also filter their search by what’s important to them, including colour, size, features, customer ratings, store availability and shipping options.

Klarna says that the tool provides consumers with a credible alternative to Google or Amazon as a starting point for their online shopping journeys and unlocks a new revenue stream for the firm.

Sebastian Siemiatkowski, Co-founder and CEO, Klarna, says: “You could spend the whole day comparing offers at conventional search engines or marketplaces, but you’ll always have doubts – have I really found the best product at the best price?”

“Klarna’s new search and compare tool does the hard work for consumers and compares thousands of websites in real-time to ensure they have all the information they need to make informed and confident purchase decisions.”

“This launch is a major milestone in our evolution from a payment network to a single shopping destination that covers everything from inspiring product discovery through to delivery tracking, digital receipts and seamless returns.”

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