Klarna has applied for an industrial bank charter.
The Swedish Buy Now, Pay Later pioneer filed its applications with the Federal Deposit Insurance Corp. and Utah’s Department of Financial Institutions.
Klarna has partnered with U.S. banks, including WebBank, to offer some of its financial services.
“Our own banking license is the natural next step, giving customers tools to borrow responsibly and build financial confidence, while bringing greater competition, innovation, and choice to consumers and merchants alike,” Klarna CEO Sebastian Siemiatkowski said in a press release.