Klarna Obtains UK EMI License, Introduces New Functionalities

Klarna Expands Services in the UK with Intuitive Digital Finance Solutions

Klarna, the Swedish fintech company, is set to roll out its services in the UK with the introduction of Klarna Balance and Klarna Cashback. This move is a decisive step taken by the company, reflecting its strategic investment in the UK as a key growth market.

The new features are designed to cater to the needs of digital-first consumers, offering a seamless and unified experience for their financial management needs. With Klarna Balance, UK customers can hold and manage funds within the account, top up using a debit card, make purchases, receive refunds, and access instant cashback rewards.

The Klarna Cashback feature offers up to 10% cashback on purchases made via its app. The cashback is credited directly to the Klarna Balance, providing users with a transparent and rewarding digital finance experience.

Abby Vickers, the Head of Klarna Financial Services UK, leads the company's standalone UK legal entity, Klarna Financial Services UK Limited. Klarna has been officially authorized by the UK Financial Conduct Authority (FCA) as an Electronic Money Institution (EMI), underlining its ambition to transform retail banking.

Klarna's strategic goal is to offer a comprehensive digital finance experience to its users. By integrating spending, saving, and rewards into a single, frictionless ecosystem, the company is moving towards becoming a full-spectrum financial partner for digital-first consumers.

The EMI licence reflects Klarna's long-term strategic investment in the UK. The company aims to provide a transparent, intuitive, and rewarding digital finance experience, setting a new standard in retail banking.

In a statement, Abby Vickers said, "We are excited to bring Klarna's innovative financial services to the UK market. Our services are designed to be intuitive and easy to use, making financial management simpler and more rewarding for our customers."

As Klarna continues to grow, it is clear that the company is committed to providing digital-first consumers with a comprehensive digital finance experience. With its strategic investment in the UK and regulatory authorization as an EMI, Klarna is well-positioned to transform retail banking and become a leading player in the digital finance landscape.