Klarna applies to establish its own bank in the US, advancing business diversification

CoinFeed July 6 news, according to a CNBC report, Swedish fintech company Klarna has submitted applications to US federal and Utah state regulators to establish an FDIC-insured US subsidiary, Klarna Bank USA. If approved, Klarna could fund loans by absorbing customer deposits, expand traditional banking products such as savings accounts and debit cards, and bring more of the payment, credit, and merchant services currently reliant on partner banks in-house. The report notes that this continues the trend of fintech companies shifting from 'relying on partner banks' to 'holding their own banking licenses', with Mercury having previously received conditional approval. Klarna went public in New York last year, and its current stock price is about half of the $40 IPO price.