A little over a year after its launch, the buy-now-pay-later giant Klarna has killed off its open banking brand Klarna Kosma, but the company will carry on as usual.
In 2014, Klarna bought Sofort, a German direct bank-to-bank payment service, marking its entry into the open banking market. Since then, the Swedish juggernaut has improved the offering, launched it in dozens of markets, and started utilizing open banking to power new internal services. The Swedish company made the decision to launch a separate brand, called Klarna Kosma, in April of last year.
This brand offers financial institutions, fintechs, and merchants the connectivity to build financial services (FS) apps and services by giving them easy access to 15,000 banks across 24 countries through a single API.
Read More: Klarna ditches open banking brand