Klarna Kosma, the Buy Now, Pay Later provider’s FinTech platform for banks, has announced a partnership with Swedish digital loans platform Krea.

Klarna said the move is part of plans to make loans more accessible and affordable for Swedish SMEs.

“This is a fantastic example of Open Banking delivering real benefits to small and medium-sized businesses, which are the driving force of growth in many economies,” said Wilko Klaassen, vice president for Open Banking at Klarna Kosma. “By facilitating greater access to high quality data, Klarna Kosma enables innovative FinTechs to provide access to more funding on better terms.”

SMEs use Krea’s platform by entering the details of their business and loan request, which then shows users the banks and lenders who return their best loan offers based on the data provided in the application.

Using Klarna Kosma, SMEs can provide transaction-level data directly from their business bank account to the Krea platform when applying for a loan.

Klarna said that on average, SMEs who provide their bank account data via Klarna Kosma are offered 15 per cent larger loans at a four per cent lower interest rate.

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