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Swedish fintech giant Klarna is shaking up the banking industry with its latest offerings. The company is launching two new products that aim to enhance the appeal of its buy now, pay later services.
Klarna is now allowing consumers in the U.S. and 11 European countries to store money in a Klarna “balance” account. This account enables users to deposit funds directly from their bank account, which can be used to pay for purchases in full or in installments through Klarna’s BNPL service.
Save Now, Pay Later
The company’s new marketing slogan is “save now, pay later,” emphasizing the flexibility of the balance account. While interest is not yet offered on the cash account in the U.S., Klarna does provide interest of up to 3.58% in Europe.
Cash Back Without a Credit Card
Additionally, Klarna is now offering consumers the opportunity to earn cash back on purchases without the need for a Klarna-issued credit card. By making purchases through the Klarna app, users can receive a percentage of their spending from participating retailers, with cash back percentages reaching as high as 10%.
Future Benefits
Klarna hints at more benefits for consumers in the future, suggesting that the cash-storing accounts could offer additional perks down the line.
With these innovative offerings, Klarna is expanding beyond its original buy now, pay later model and venturing into more traditional banking products. The company’s recent introduction of the Klarna card in the U.S. further solidifies its position in the financial services market.
While Klarna may not be directly competing with digital banking giants like Revolut just yet, its strategic product launches indicate a clear path towards growth and expansion.
For more fintech news and updates, stay tuned to TechCrunch Fintech.
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Original article source: [TechCrunch](https://techcrunch.com/)
Image source: [Klarna](insert image source link)
