Klarna, the Swedish buy-now-pay-later company, just took a major step in the US. On July 6, 2026, it applied for a US banking license. The goal is to launch Klarna Bank USA as an FDIC-insured bank. This would let Klarna offer more banking services directly to its customers.
Right now, Klarna relies on partner banks in the US. For example, its high-yield savings accounts use deposits held by WebBank. But owning a bank would let Klarna fund loans with customer deposits instead. It could also offer checking accounts and credit cards without middlemen.
If the application is approved, Gary Harding, a former chief at Milestone Bank, will lead Klarna Bank USA. Klarna already holds a European banking license, so this move feels like a natural next step. Klarna’s CEO, Sebastian Siemiatkowski, called owning a license “the natural next step” and said, “Banking is built on trust.”
The Growing Competition for US Banking Licenses
Klarna isn’t the only fintech chasing a US banking charter. Earlier this year, Dutch challenger Bunq refiled for a US license. Revolut applied for a US charter back in March. Mercury, another fintech, won conditional approval in April. It’s clear many fintechs want to control banking services directly in the US.
Winning a US banking license means meeting strict rules. Regulators and trust will decide if Klarna’s application moves forward. The process involves both state and federal oversight. Klarna filed with the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation.
Klarna’s US Footprint and Ambitions
Klarna already serves more than 30 million US customers. It offers a US debit card and has extended over $93 billion in credit in the country. This shows Klarna’s strong presence and the potential impact of owning a bank.
Currently, Klarna’s model depends on third-party banks to hold deposits and fund loans. Owning a US bank would change that. It would let Klarna fund loans with its own deposits. It could also launch new products like checking accounts and credit cards under its own name.
That would give Klarna more control and could lower costs. It also means Klarna would become a full-fledged bank in the US, not just a fintech partner. That’s a big step for a company known mostly for buy-now-pay-later services.
What’s Next for Klarna
The US banking license process can take time. Regulators will review Klarna’s filings carefully. They will look at everything from financial health to how Klarna plans to protect customers. The company will need to build trust with regulators and customers alike.
If approved, Klarna would join a growing list of fintechs with US banking licenses. This trend shows how fintechs want to reshape banking by controlling the full customer experience. Klarna’s move is its boldest yet in the US market.
For now, Klarna will keep working with partner banks while waiting on regulators. The outcome depends on how regulators view Klarna’s plans and its ability to meet banking rules. But one thing is clear: Klarna wants to become more than a fintech service in the US. It wants to become a bank.
Based on
- Klarna applies for a US banking licence, its boldest American move yet — thenextweb.com
- Uber’s European expansion plans may have hit a speed bump | TechCrunch — techcrunch.com
- SK Hynix seeks access to AI investors in $29 billion U.S. listing | Fortune — fortune.com
- Michigan judge temporarily bars Kalshi sports prediction markets – Axios Detroit — axios.com
- What are Trump Accounts for kids and how do they work? | The Independent — independent.co.uk
