Klarna Seeks U.S. Banking License
On September 10, 2025, Sebastian Siemiatkowski, CEO and co-founder of Klarna, a Swedish fintech renowned for its buy now, pay later services, spoke with CNBC during the company’s IPO on the New York Stock Exchange.
Recently, Klarna announced that it has filed applications with both federal and state regulators to establish a U.S. banking subsidiary. If granted approval, Klarna Bank USA would operate as a federally insured financial institution based in Utah, with guidance from Gary Harding, former CEO of Milestone Bank and Prime Alliance Bank.
Siemiatkowski noted, “There’s a growing demand in the U.S. for a more equitable and transparent banking experience, and securing our banking license is a logical progression for us.” He emphasized that this move aims to equip customers with better borrowing options and enhance financial literacy, while also fostering competition and innovation within the market.
This filing signals a broader trend among fintech companies, which typically collaborate with traditional banks, toward acquiring their own charters. Just last April, Mercury, another fintech provider, announced that it had received conditional approval for its own banking establishment, joining several others in pursuing entry into conventional banking.
Klarna explained that gaining a banking charter would enable it to consolidate banking operations internally, thus building trust in areas such as payments, credit, and services for merchants.
Additionally, this application represents Klarna’s shift towards becoming more than just a buy-now-pay-later entity. Recently, the company also introduced high-yield savings accounts for U.S. customers through a partnership with WebBank.
By owning a bank, fintech firms can finance loans using deposits from their customers rather than relying on pricier wholesale funding. They can also directly offer checking accounts and credit cards, which reduces their reliance on external banking connections.
Klarna, which went public last September, is currently trading at about half of its IPO price of $40.
