Swedish payments firm Klarna has rolled out consumer bank accounts in Germany that will allow customers to shop and bank using one app.
The buy now pay later (BNPL) company said that the service will be initially available to a limited number of its loyalty members.
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It aims to make the product available to wider audience in coming months.
The full-fledged bank account will come with a German IBAN and allow customers to receive money, set up direct deposits and debits.
Customers will also receive Visa debit card, which will work with Google Pay and Apple Pay.
Customers can make two free ATM withdrawals per month, the Swedish firm said in its press statement.
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By GlobalDataUsing the Klarna app, customers will be able to “easily” track, categorise and analyse all their everyday spending.
The company also revealed that consumers in Germany could also avail savings account feature, which the company recently launched in Sweden.
Klarna CEO Sebastian Siemiatkowski said: “Our focus is to provide a superior shopping experience to our consumers at the intersection of retail and banking. And we know that there’s still massive room for improvement to the way many people bank and save their money today.
“We are very excited to introduce Klarna Banking today, bundling shopping and banking in one app and allowing our consumers to bank in the same seamless way as they shop with Klarna.”
Klarna bank account comes with several other benefits including self-service signup, smart budgeting, biometric security and 24/7 customer service.
Klarna, which was founded in 2005, currently serves 90 million end customers across 17 countries.
Last year, Klarna has expanded to several countries with its unique online payment plans such as ‘Pay in 21 days’ in Belgium and ‘Pay in 3’ in Spain.
In September Klarna raised $650m in an equity funding round, which valued the fintech firm at $10.65bn.
