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American Focus > Blog > Economy > Klarna takes on banks with its own debit card
Economy

Klarna takes on banks with its own debit card

Last updated: June 3, 2025 4:22 am
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Klarna takes on banks with its own debit card
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Klarna, a Swedish fintech company renowned for its “buy now, pay later” services, is expanding its offerings with the launch of its own Visa debit card. The new product, known as Klarna Card, is currently being piloted with select customers in the U.S. before a nationwide rollout. The card will also be introduced in Europe later this year.

This move signifies Klarna’s strategic shift towards diversifying its business beyond short-term credit products and positioning itself as a comprehensive banking player. With an eye on its upcoming initial public offering, the company aims to rebrand itself from just a BNPL provider to a full-fledged neobank offering a range of financial services.

Klarna CEO Sebastian Siemiatkowski emphasized the company’s ambition to be associated with more than just buy now, pay later services. He highlighted Klarna’s PayPal-like wallet experience and neobank offerings, positioning the company as a versatile financial services provider.

The Klarna Card comes with an account that can hold FDIC-insured deposits and facilitate withdrawals, similar to traditional checking accounts offered by mainstream banks. Powered by Visa Flexible Credential, the card enables users to access multiple funding sources, including debit, credit, and BNPL options. While it functions as a debit card by default, users have the flexibility to switch to Klarna’s “pay later” products such as “Pay in 4” and “Pay in 30 Days.”

By entering the competitive consumer banking market, Klarna faces established giants like JPMorgan Chase & Co and Bank of America, as well as fintech challengers like Chime. Despite not holding a U.S. bank license, Klarna is able to offer FDIC-insured accounts through a partnership with WebBank, a small financial institution based in Salt Lake City, Utah.

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As Klarna continues to expand its financial services portfolio and redefine its brand identity, the launch of the Klarna Card represents a significant step towards solidifying its position as a leading player in the fintech industry.

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