Square Applies for Banking Charter, Will Other PFs Follow?

As Square evolves its business, it shows other fintech companies what can be done when they think outside traditional payment solutions. So, what does the news last week about the company’s intent to apply for an industrial bank charter forecast for other payment facilitators?

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Klarna Takes Disruption to the Banks in Europe

Stockholm-based Klarna has secured a banking license from the Swedish Financial Supervisory Authority.

With this license, the company can operate as a bank across the European Union. And according to Klarna, securing the license makes it one of Europe’s largest banks right out of the gate, with 60 million customers.

The company sees itself as a formidable competitor to Europe’s banks.

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European PF Klarna Expands with BillPay Acquisition

Stockholm-based payment facilitator Klarna is again expanding in Europe, this time with the purchase of German e-commerce payment company BillPay.

BillPay enables customers to pay by invoice, direct debit, or in installments through its PayLater product.

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Millennials, Seeking Uniqueness, Flock To Klarna To Pay Their Way

Millenials’ decreasing use of credit cards and increasing use of debit opens doors for companies like Swedish company Klarna, a payment facilitator that offers mobile and online buyers the choice of traditional payments – charge now—or within 14 days or in installments.

Klarna works seamlessly at checkout, says Klarna North America CEO Brian Billingsley—an email address and zip code is all a shopper needs if not paying immediately. Once that info is inputted it doesn’t need to be entered again at Klarna merchant partners. Billingsley says Klarna gives millennials a little of what they’re looking for when shopping, control and uniqueness.

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