Financial technology platform for banks Klarna Kosma has partnered with Denario to help the Berlin-based fintech expand its connectivity beyond Europe. Following the partnership, the Open Banking platform provided by Klarna Kosma will offer its services to Denario, providing the company with access to an international banking network.

This will enable Denario to expand its payment platform to American customers in the future. The payment platform offers its customers multiple services and products, such as the possibility to streamline their payment processes and optimise their cash flow. Denario also keeps track of its clients’ money flows from various accounts while managing and orchestrating payments and monitoring overdue customer invoices.

Customers benefit from numerous insights into a company’s liquidity profile through a combination of transaction data, seamless payment collection, and reconciliation, as well as accounting data. Throughout the partnership, Denario will be able to provide secure and efficient access to account information to its clients, as well as direct A2A transfers across multiple banks and countries worldwide. Klarna Kosma’s partnerships and product launches Kosma offers financial institutions, merchants, and organisations the essential connectivity to build and develop fintech apps and services, by working together with traditional institutions to build new propositions.

Klarna Korma had multiple partnerships and product launches, covering numerous geographies. The company announced its collaboration with iBilly, a Netherlands-based personal finance application in January of 2023. The collaboration aimed to provide iBilly customers with a data-driven, all-in-one financial overview.

Furthermore, it gave iBilly the possibility to offer its budgeting technology to clients across Europe. By working with Klarna Kosma, iBilly was able to expand throughout Europe while linking to over 15,000 banks in a single integration process. This led to a 28% increase in monthly user growth, including more than 70% of new clients moving through onboarding, as stated in the official press release.

In November of 2022, Germany-based fintech company Moss partnered with Klarne Kosma to push digitalisation for SMEs in Europe. While Moss provided digital expense management and smart corporate credit and debit cards to small and medium-sized businesses in Germany, the UK, and the Netherlands, this collaboration enabled the company to use the Open Banking services offered by Klarna Kosma to help SMEs save time and money. Furthermore, they benefited from having accounting errors removed, as well as controlling their spent sum, and gaining real-time visibility over how the money is spent.

This partnership was announced right after Klarna rolled out its Open Banking `autopilot`. The launch was made with the initiative to help startups develop Proofs of Concepts (POC) in the ecommerce, fintech, and data analytics space. Klarna enabled a select number of startups and established companies to access all the products available on its Open Banking platform.

This allowed them to access 15,000 banks for three months, free of charge, with a maximum of 300 transactions, payments, or MAUs per month. The initiative aimed to accelerate innovation in the development process of Open Banking use, by providing innovators with a zero-cost products development `sandbox` service. The product was built on the bank’s aggregation platform.

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