Klarna Aims for U.S. Banking License to Expand Services

WHO:

Fast Company - Klarna CEO and co-founder Sebastian Siemiatkowski announced plans for a U.S. bank.

CNBC - Gary Harding, former CEO of Milestone Bank and Prime Alliance Bank, will lead Klarna Bank USA.

WHAT:

Fast Company - Klarna announced its plans to establish a U.S.-based subsidiary known as Klarna Bank USA.

CNBC - Klarna applied to federal and state regulators to establish a U.S. bank subsidiary.

Fast Company - Klarna has more than 119 million global active users and over three million transactions per day.

CNBC - Klarna's shares have dropped about half of their value since its IPO in late 2025.

CNBC - Klarna introduced high-yield savings accounts to U.S. customers, although those accounts are held by partner WebBank.

WHERE:

Fast Company - Klarna Bank USA would be based in Utah.

CNBC - Klarna is a Swedish fintech firm.

WHEN:

CNBC - Klarna went public on September 10, 2025.

CNBC - Klarna's IPO price was $40.

WHY:

Fast Company - Klarna aims to provide users with tools to “borrow responsibly” and build financial confidence.

CNBC - The move is intended to bring greater competition, innovation, and choice to the market.

HOW:

Fast Company - Klarna's banking license would allow it to operate as a fully licensed bank in the U.S.

CNBC - By owning a bank, Klarna can fund loans with customer deposits and offer checking accounts and credit cards directly.

(UPDATED July 6, 2026 21:27 UTC)

Klarna has announced plans to establish a U.S.-based subsidiary called Klarna Bank USA, which will be led by Gary Harding, the former CEO of Milestone Bank and Prime Alliance Bank. The Swedish fintech firm, which boasts over 119 million global active users and more than three million transactions per day, has applied to federal and state regulators for a banking license that would allow it to operate as a fully licensed bank in the U.S. This move aims to enhance competition and innovation in the market while providing users with tools to borrow responsibly and build financial confidence.