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The new Klarna Card, which has a waitlist of 400,000 in the UK, will allow shoppers to make in-store contactless BNPL purchases.
The $3 million bridge round has been led by Hong Kong-based QBN Capital, which will help the fintech enter Asia.
The pandemic has cemented mass transition from traditional to alternative finance in the UK. A pandemic-driven cash flow crisis among businesses, and the rise of fintech and challenger banks, is spurring the rise of alternative lending models – with the market now worth £6.26 billion.
Seven out of 10 businesses say financial integrations make their business operations faster and more efficient, research found.
In the four years since Open Banking was mandated in the UK by the CMA, the sector has come a long way, as Ellie Duncan reports.
Public and stakeholders have been invited to answer questions posed by the central bank in its discussion paper, which lists the pros and cons of a central bank digital currency.
The strategic partnership “boosts” banks’ digital banking and payments functionalities.
The deal will see the Cognito team and its customers join Plaid.
The AI-driven BNPL banking service is a “pay-as-you-go” solution for banks and fintechs.
