Dutch fintech start-up iBilly has selected Klarna Kosma, a unit of Klarna, to expand its business using open banking services.

An artificial intelligence (AI)-powered budgeting platform, iBilly allows users to organise their bank accounts, budgets, and savings objectives.

Launched in 2021, the fintech retrieves and classifies transactions to give users insights into their past, present, and future financial situations, offering an overview of their income and expenses.

By collaborating with Klarna Kosma, launched in April 2022, iBilly is said to have been able to expand across Europe and link up with more than 15,000 banks using a single integration.

As a result, there has been a 28% surge in monthly user growth, and more than 70% of new users are proceeding with onboarding, Klarna claimed.

iBilly CEO Mo Radjab said: “Working with Klarna Kosma has enabled us to accelerate ahead of our competitors by connecting us with banks across Europe and helping us to attract a huge increase in users.

“Our partnership means we can focus on innovating the app to generate smarter insights to help our users budget, save and maintain healthy finances – which is our ultimate goal.”

By acquiring the German company SOFORT in 2014, Klarna entered the open banking industry.

Klarna Kosma VP for open banking Wilko Klaassen said: “With access to Klarna Kosma, iBilly has already expanded its reach and helped new users budget and save money – an aim shared by Klarna. Klarna Kosma is helping to power businesses by providing the essential building blocks for innovation in financial services.

“It is fantastic to welcome iBilly to the platform and we look forward to being part of their further growth and continued success, helping even more users to shore up their finances.”