Fintech Companies Klarna and Safello Partner to Bring Open Banking to Cryptocurrency Market

By McKenzie Carpenter Wednesday, February 17, 2021

Online shopping and banking are constantly evolving and have led companies to create innovative solutions to make shopping and banking easier for customers. Klarna, a fintech and ecommerce app company, announced Tuesday a partnership with Safello, a fintech company that specializes in cryptocurrency, to bring open banking to the cryptocurrency market.

A person checking cryptocurrency exchange rates on a smartphone.

What the Partnership Means

This business partnership is the first entry for Klarna into the cryptocurrency market. The fintech and ecommerce app company announced that starting today, fintech users will be able to directly purchase cryptocurrencies from their bank accounts using the open banking technology created by the ecommerce fintech business.

Safello’s CEO, Frank Schuil, said, “This is a match made in heaven. Klarna shares our vision of offering a superior user experience without compromising security and compliance. Besides, open banking is an exceptionally exciting area that will play a key role in our future plans.”

Senior Commercial Manager at Klarna, Philippe Rousseau, added, “For over 15 years, Klarna has developed a mature and secure financial ecosystem that opens up a range of opportunities for increased innovation and competition. Safello is a textbook example of consumer-centric innovators who can leverage the strength of our developer-friendly open banking infrastructure and we are very much looking forward to the partnership.”

About the Fintech Business and Ecommerce Company

Klarna is an ecommerce and fintech company that allows users to shop through its site or mobile app and gives customers the option to pay now or set up a payment plan. The ecommerce app features many different businesses, such as H&M, Lululemon, Nokia, Adidas, Toms, and so many more. Klarna is a private corporation; therefore, there is no information available regarding net worth. However, the ecommerce and fintech app business has raised $2.1 billion in funding over many different funding rounds.

Safello is a Swedish fintech business that specializes in making cryptocurrency an innovative payment option through its site and mobile app. The company states that it has more than 180,000 customers and over 380,000 processed transactions. To date, the cryptocurrency business has raised $2.1 million in funding, with key investments from Northzone, White Star Capital, Digital Currency Group, and Techstars.

Klarna and Safello are each a part of massive markets that have seen exponential growth in recent years. In 2019, the global retail ecommerce market was worth $4.25 trillion. Additionally, the unexpected COVID-19 pandemic caused more and more people to stay home and adhere to local restrictions, further growing this market. The global retail ecommerce market is projected to grow at a CAGR of 9.4% between 2020 and 2027. On the other side of the coin, the global cryptocurrency market stood at $754 million in 2019 and is expected to grow at a CAGR of 11.2% until 2027.

About the Author

Headshot for author McKenzie Carpenter

McKenzie Carpenter is a graduate of Central Michigan University with a B.A.A. in Integrative Public Relations and French. McKenzie has previously worked for small businesses and nonprofit organizations.

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