Klarna submitted applications with the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish Klarna Bank USA, an industrial bank.
If approved, Gary Harding — former chairman and CEO of Milestone Bank and former president and CEO of Prime Alliance Bank — will act as president and CEO of Klarna Bank.
Klarna has about 30 million annual customers in the U.S. It has had a banking license in Sweden since 2017, which extends to the 23 other European countries it operates in.
Since 2019, Klarna has provided Americans access to over 5.1 billion in interest compared to revolving credit card debt. The company currently serves U.S. customers through partner banks including WebBank.