Dutch Fintech iBilly realizes the importance of open banking with Klarna Kosma partnership

Organizations, like customers, must ensure that they spend within their budgets. Excessive spending can be disastrous, while underspending can cause you to fall behind the competition. With this in mind, Klarna KosmaKlarna’s financial technology platform for banks, fintechs and innovative retailers has joined forces with iBillythe Dutch personal finance app.

iBilly has been looking for a way to break into the European market for budget technology. With its new partnership, Klarna Kosma will provide Dutch fintech users with a data-driven overview of their finances.

Launched in 2021, iBilly is a budgeting app that uses AI technology to enable users to streamline their bank accounts, budgets and savings goals in one place. Whether users are looking to save for retirement or get on the property ladder, the app gives them insight into their current and future financial situation. It does this by retrieving and categorizing transactions. This gives them a clear overview of income and expenses on a daily basis.

Open banking is the key

Knowing that open banking was the key to expansion, iBilly turned to Klarna Kosma, a subsidiary and business unit of Klarna. It provides access to more banks than any other open banking provider and rapidly reduces the time it takes for new fintech services to reach global scale.

Partnership with Klarna Kosma has enabled iBilly to expand across Europe. Consequently, iBilly was connected to over 15,000 banks with a single integration. This has resulted in monthly user growth increasing by 28 per cent and over 70 per cent of new users proceeding with onboarding.

Mo RadjabCEO of iBilly said:

“Working with Klarna Kosma has enabled us to accelerate ahead of our competitors by connecting with banks across Europe and helping us attract a huge increase in users. Our partnership means we can focus on innovating the app to generate smarter insights to help our users budget, save and maintain healthy finances. That’s our ultimate goal.”

Wilko KlaassenVP for open banking at Klarna Kosma said:

“With access to Klarna Kosma, iBilly has already expanded its reach and helped new users budget and save money – a goal that Klarna shares. Klarna Kosma helps run businesses by providing the essential building blocks for innovation in financial services. It is fantastic to welcome iBilly to the platform and we look forward to being a part of their continued growth and continued success. We want to help them provide even more users with services to strengthen their finances.”