June 21, 2017 - Assignment

Klarna transforms into a bank

On 19 June, Swedish fintech leader Klarna was granted a banking licence by the Swedish Financial Supervisory Authority.

Klarna was founded in 2005 in Stockholm and is now one of Europe's largest banks, providing easy to use payment solutions for 60 million consumers across 70,000 merchants in 18 markets. Klarna offers direct payments, pay after delivery options and instalment plans in a smooth one-click purchase experience that lets consumers pay as and when they prefer. Klarna is backed by investors such as Sequoia Capital, Bestseller, Atomico and General Atlantic.

Klarna is a long-standing client of Mannheimer Swartling and the firm assisted Klarna throughout the application process with the Swedish FSA.