Klarna’s Founder: ”We want to become the banks’ Ryanair”

Payment solution company Klarna has received its banking license from Finansinspektionen. CEO and Co-Founder, Mundus NewsSebastian Siemiatkowski says to DI Digital that the company wants to be a part of reforming the bank sector. In an interview with Financial Times, Siemiatkowski said that: ”A ’Ryanair’ is needed. We want to be that player,” believing that the bank industry is facing the same challenges as the airline industry did once it was deregulated. Klarna, which in 2015 had a transaction volume of nearly SEK 130 billion and 60 million clients in Europe is now the biggest European fintech company to have a license. The company applied for a bank license a year and a half ago and Siemiatkowski sees the license as a new start for the company. He takes the opportunity to criticise the banks by saying that the industry has high profits and inadequate competition, which does not benefit the consumer. The Financial Times says that Klarna is investigating offering customers across Europe services such as bank cards and salary accounts as well as eyeing the US for future expansion, but Sebastian Siemiatkowski does not want to confirm that, nor when any bank services may be launched or in what markets.

Jenny is a journalist at Mundus News and a contributor to the Monthly Policy Review. As well as writing for Mundus, Jenny currently works with press and culture at the Embassy of India. She has a keen interest in international relations and politics. Jenny has a degree in business administration and marketing from Nackademin and has previously worked in asset management for emerging markets.