Finance
Klarna applies to set up U.S. bank subsidiary to expand consumer finance beyond BNPL
Klarna has applied to U.S. federal and state regulators to establish a U.S. bank subsidiary. CNBC reported that, if approved, the Swedish fintech would pursue setting up an FDIC-insured institution, Klarna Bank USA, chartered in Utah. The new bank is expected to be led by Gary Harding, a former CEO of Milestone Bank and Prime Alliance Bank. Klarna says a licence would let it bring banking operations in-house.
