Klarna applies for U.S. bank charter

Klarna, the Swedish “buy‑now‑pay‑later” provider, announced its application for a full banking licence in Sweden, joining a growing cohort of fintech and cryptocurrency companies that are seeking direct access to the traditional banking system. The move follows similar efforts by firms such as Revolut, N26 and several crypto‑exchange platforms, which have been lobbying regulators to grant them the ability to hold deposits, issue loans and provide other core banking services without relying on third‑party banks.

Regulators in Europe have indicated a willingness to broaden the scope of licensed entities, citing the need to foster competition and innovation while maintaining financial stability. Klarna’s application will be reviewed by the Swedish Financial Supervisory Authority, which will assess the company’s capital adequacy, governance structures and consumer‑protection measures. If approved, Klarna would become one of the first fintech firms to transition from a payment‑service provider to a fully regulated bank, potentially reshaping its product portfolio and strengthening its position in the increasingly competitive credit‑market landscape.