Klarna has submitted applications to Utah regulators and the FDIC to launch Klarna Bank USA, a proposed industrial bank.
The move marks Klarna's attempt to bring its US banking operations under a domestic charter, having operated as a licensed bank in Europe since 2017 while serving American customers through partner banks.
If the applications are approved, Klarna Bank USA would operate as a wholly owned subsidiary of Klarna, chartered in Utah and insured by the FDIC. The entity would maintain its own board, governance framework, and internal controls, separate from Klarna's existing corporate structure. According to the company, the charter would allow it to move banking operations currently run through third-party partner banks in-house, covering payments, savings, credit, and merchant services.
In addition, Klarna co-founder and CEO Sebastian Siemiatkowski said the licence represents a step toward giving US customers tools to manage credit responsibly, while adding competition and choice for consumers and merchants. The company has stated it intends to work with regulators throughout the review process.
Regulatory context and industry relevance
The industrial bank charter is a structure used by several non-bank financial companies to access FDIC-insured deposit-taking and lending capabilities in the US without being classified as a traditional bank holding company. Applications for such charters are subject to review by both state regulators, in this case Utah, and federal authorities, including the FDIC. The timeline for approval was not specified in Klarna's announcement.
Klarna operates in the BNPL and digital banking sector, competing with other instalment credit and payments providers active in the US market. A US banking charter would position Klarna to manage deposits, lending, and payment processing directly, rather than through partner bank arrangements, which is a structural change relevant to how BNPL providers are regulated and capitalised in the US.
