Klarna Kosma opens FinTech platform to accelerate Open Banking use cases — Retail Technology Innovation Hub

Klarna Kosma, Klarna’s technology platform for banks, FinTechs and retailers, has announced a new initiative to help firms develop Proofs of Concepts (POCs) in the e-commerce, data analytics and FinTech space.

Klarna says it will enable a select number of startups and established companies to access all the products on its Open Banking platform and access 15,000 banks for three months, free of charge.

The initiative aims to accelerate the development of Open Banking use cases.

Launched in April 2022, Klarna Kosma gives financial institutions, FinTechs and merchants access to 15,000 banks in 27 countries around the world through a single API.

“Open Banking was introduced to remove control over consumer data from the big banks and make it securely available to drive innovation,” says Wilko Klaassen, VP Open Banking at Klarna.

“With this data available through simple APIs, with consumers’ permissions, a whole new vista of potential use cases has opened up. The initiative we’re launching today aims to add rocket fuel to the innovation process.”

Companies can apply here by entering a hashtag #sandbox23 in their message along with the use case/idea they are building. They should also describe the target users and any existing user base.

Search and compare tools

Klarna is launching a new tool that compares prices across thousands of retailers.

The company quietly rolled out the service in the US a few weeks ago, and is now expanding it to the UK, Sweden and Denmark.

Consumers can also filter their search by what’s important to them, including color, size, features, customer reviews, store availability and shipping options.

Klarna says the tool gives consumers a credible alternative to Google or Amazon as a starting point for their online shopping journeys and unlocks a new revenue stream for the firm.

Sebastian Siemiatkowski, co-founder and CEO, Klarna, says: “You can spend all day comparing offers on conventional search engines or marketplaces, but you will always be in doubt – have I really found the best product at the best price?”

“Klarna’s new search and comparison tool does the hard work for consumers, comparing thousands of websites in real time to ensure they have all the information they need to make informed and confident purchasing decisions.”

“This launch is an important milestone in our evolution from a payments network to a single shopping destination that covers everything from inspiring product discovery to delivery tracking, digital receipts and seamless returns.”