What a Klarna Bank Means for Main Street and Wall Street The latest development in fintech's push into traditional banking has sparked debate about its implications.
Swedish firm Klarna has submitted an application to establish a US bank subsidiary, joining a growing list of non traditional players seeking a foothold in the financial services industry.
Klarna's move marks a shift from partnering with established banks to offering services. Instead, fintech firms are now willing to take on full regulatory responsibilities themselves.