Klarna is set to fold Klarna Kosma, its Open Banking-dedicated division, into its existing brand banner.
Klarna Kosma launched last April as a sub-brand and business unit of the Buy Now, Pay Later (BNPL) provider and was designed to support its existing Open Banking platform.
According to reports, the decision to drop the brand and move its constituent parts into the wider business comes down to Klarna Kosma’s success having originally been launching as a separate brand to “give it its own identity”.
Klarna Kosma will now be the brand for the core API/ aggregation offer while the other Open Banking products will be brought under the Klarna brand.
Kosma remains the name for its core business-to-business banking infrastructure service.
Klarna recently announced plans to signpost debt advice services from MAN to give consumers access to credit advice “around the clock”.
MAN is provided by the UK government body MoneyHelper and connects consumers directly to the debt advice services of StepChange, Citizens Advice or the National Debtline.
Commenting on the news Flora Coleman, director of global policy and government relations at Klarna, said: “We are proud to be the first BNPL service to join forces with MAN and give customers a simplified route to debt advice, and are calling on other BNPL providers to join us in providing the same access to advice and support, to ensure that customers’ interests are always put first.
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