Klarna Bank AB is expanding from its buy-now, pay-later services to retail banking across the US and Europe, preparing for an IPO.
Klarna's expansion includes a digital wallet in 12 countries, allowing users to earn cash-back rewards and manage their funds more effectively.
Klarna aims to diversify its funding with possible savings accounts in Europe, offering interest rates as high as 3.58% and competing with major US banks.
Despite operating in the US through a partner bank, Klarna distinguishes its services from traditional banks, with no FDIC insurance for user funds.
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