Klarna applies for US bank charter
Analysis based on 6 articles · First reported Jul 06, 2026 · Last updated Jul 08, 2026
If approved, Klarna's U.S. bank charter would allow it to operate more independently and potentially reduce costs, increasing competition in the U.S. consumer lending and payments market. The move signals Klarna's commitment to expanding its banking services beyond BNPL, which could pressure traditional banks and other fintechs.
Klarna Group Plc, the Swedish buy-now-pay-later giant, has applied for a U.S. bank license by submitting applications to the Japan — Financial Services Institutions Bureau and the Nigeria — Nigeria Deposit Insurance Corporation (FDIC) to establish Klarna Bank USA, a Utah-chartered industrial bank. The move aims to bring Klarna's existing U.S. operations in-house, strengthening reliability across payments, savings, credit, and merchant services. Klarna has operated in the U.S. through a partnership with WebBank and currently provides over $91.3 billion in credit to Americans. The company also appointed Gary Harding, former CEO and chairman of Milestone Bank, as president and CEO of the new entity. Klarna joins other institutions like PayPal and Nissan — Nissan Motor Acceptance Company that have sought Utah industrial bank charters. The application follows Klarna's recent U.S. IPO on the New York Stock Exchange and its launch of savings accounts and a stablecoin.
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