Klarna offers transparent products and puts consumers at the center of everything we do.  This is driving Klarna’s fast growth compared to legacy financial firms – today Klarna boasts over 150 million consumers worldwide, including 35 million in the US.

Consumers come to Klarna because they know what they’re getting. We provide clear, transparent terms written in plain english and don’t charge hidden and excessive fees. And the proof is in the data. In a recent market research survey undertaken by Klarna analyzing a sample size of 2,004 US Klarna users:

• 100% of respondents said they comprehended the due dates for their Klarna payments and the respective installment amounts;

• 94% of respondents confirmed their understanding that Klarna’s services;

• 96% of respondents affirmed their preference of Klarna over traditional credit cards, largely due to the absence of interest charges for our Buy Now, Pay Later product and improved financial management;

• Nearly three-fifths of the respondents (58%) identified favorably with the tangible benefit of knowing the definitive closure date of their payments, serving as a means to avoid the uncertainty associated with continuous credit roll-overs;

• 99% of those surveyed acknowledged that Klarna’s interest-free credit options provide a significant value proposition for consumers eager to circumvent conventional credit products burdened with interest.

Consumers today want transparency, so many are turning fintech firms because they are sick of getting the runaround from traditional banks. From 2020-21, “

As consumers continue to step away from the traditional banking industry, we believe it is integral for the OCC to recognize, strengthen, and maintain long-term consumer trust in fintechs as an alternative to traditional banking.

Klarna believes that the OCC’s focus on targeting underserved communities is vital in understanding and closing the gaps that have excluded millions of Americans from our financial system, as well as helping to understand how companies like Klarna fill this space.

A large segment of society has shied away from traditional banks and the financial services sector due to a lack of availability, inaccessibility, and a history of being taken advantage of. Incumbent banks and credit cards have paved the way for the greatest redistribution of wealth, $15 billion annually, where low-income households pay more but receive fewer benefits. They have built a system paid for by low-income, struggling Americans while growing their bottom lines. 

Klarna is here to provide fair and transparent services for all Americans, including traditionally underserved communities. Klarna works to provide financial tools and increase financial access to all Americans who are either unwilling to access or untrusting of the traditional banking sector. 

We support the OCC’s attempt to build trust in banking, and we know firsthand as a business that has attracted and maintained millions of consumers worldwide, that building and establishing trust is not easy. We are here to support and work with the OCC, broader Administration, and elected officials to work together in our shared goals of creating a more inclusive and accessible financial services industry.