Klarna takes on banks with debit card as it diversifies beyond buy now, pay later

Klarna is synonymous with the "buy now, pay later" trend of making a purchase and deferring payment until the end of the month or paying over interest-free monthly installments. Swedish fintech Klarna — primarily known for its popular "buy now, pay later" services — is launching its own Visa debit card, as it looks to diversify its business beyond short-term credit products. The company on Tuesday announced that it's piloting the product, dubbed Klarna Card, with some customers in the U.S. ahead of a planned countrywide rollout. Klarna Card will launch in Europe later this year, the firm added. The move highlights an ongoing effort from Klarna ahead of a highly anticipated initial public offering to shift its image away from the poster child of the buy now, pay later (BNPL) trend and be viewed as more of an all-encompassing banking player. BNPL products are interest-free loans that allow people to pay off the full price of an item over a series of monthly installments. "We want Ame ... Read full article.