Klarna has applied for a U.S. banking licence to establish a proposed industrial bank in Utah.
Application details
Submitted to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to establish Klarna Bank USA, a wholly owned subsidiary of Klarna Inc.
Klarna currently serves U.S. customers through partner banks. The Swedish fintech has held a European banking licence since 2017.
Scale in the U.S.
- 30 million Americans use Klarna services annually
- Hundreds of thousands of U.S. merchants rely on its products
- Since 2019: over 5.1 billion in interest savings vs. revolving credit card debt
If approved
Klarna Bank USA would be Utah-chartered and FDIC-insured with independent board, governance, and internal controls. Charter would allow bringing U.S. banking operations in-house across payments, savings, credit, and merchant services.
Strategic rationale
Signals deeper U.S. commitment amid intensifying consumer finance and digital payments competition. Banking licence provides direct route to deposit-taking and lending infrastructure. Industrial banks attract commercial and technology groups seeking tighter control of financial operations.
Klarna positions the bank as combining digital tools with traditional products — transparency, no hidden fees.
Leadership
Gary Harding selected as President and CEO of Klarna Bank USA — former Chairman/CEO of Milestone Bank and President/CEO of Prime Alliance Bank.
CEO Sebastian Siemiatkowski: “Banking is built on trust. We’ve seen firsthand the appetite for a fairer, more transparent approach in the U.S., and our own banking license is the natural next step.”
Global footprint
119 million active users globally, 3.4 million daily transactions, 1+ million retailers including Uber, H&M, Nike, Airbnb, Ikea, Macy’s, Sephora, Expedia. Approval depends on Utah and FDIC regulatory review.