Klarna Seeks U.S. Bank Charter, Applies to Establish Klarna Bank USA

Klarna applied Monday to federal and state regulators to establish a U.S. bank subsidiary, according to the Swedish fintech firm's official announcement. If approved, Klarna Bank USA would be a Federal Deposit Insurance Corporation-backed institution chartered in Utah and led by Gary Harding, former CEO of Milestone Bank and Prime Alliance Bank. The move aims to strengthen Klarna's capabilities in payments, credit and merchant services by bringing banking operations in-house.
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