Klarna Seeks US Banking License to Challenge Traditional Lenders

Swedish fintech company Klarna, which began as a buy now, pay later provider, obtained a European banking license in 2017. In the United States, it relies on partner banks including WebBank. A license of its own would allow Klarna to bring payments, deposits, lending and merchant services in-house, reducing its reliance on third parties and putting it in direct competition with traditional financial institutions.

Klarna applied to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation on July 6, 2026, to establish Klarna Bank USA. The company said it has extended more than $91.3 billion in credit to US customers and saved them more than $5.1 billion in interest since 2019. If approved, the bank would be led by former Milestone Bank CEO Gary Harding.