Klarna Kosma , Klarna's financial technology platform for banks, fintechs, and innovative retailers, has announced a new initiative to help startups develop Proofs of Concepts (POC) in the ecommerce, data analytics, and fintech space. Klarna will enable a select number of startups and established companies to access all the products on its Open Banking platform and access 15,000 banks for three months, free of charge, with a maximum of 300 transactions or MAUs per month.

The initiative aims to accelerate innovation in the development of Open Banking use cases by providing innovators with a zero-cost product development ‘sandbox’ built on the bank aggregation platform. Launched in April 2022, Klarna Kosma provides financial institutions, fintechs, and merchants with connectivity to build fintech apps and services by providing access to 15,000 banks in 27 countries around the world through a single API. The platform has reportedly more than doubled the number of connected banks and trebled the transactions processed on the platform in the past year alone, the official press release states.

According to the VP of Open Banking at Klarna, Open Banking was introduced to wrest control of consumer data away from the big banks and make it securely available to drive innovation. With that data accessible through simple APIs and consumers’ permissions, a new vista of potential use cases has opened up. The initiative Klarna is launching aims to improve the innovation process.

Participating companies reportedly get access to a Klarna expert to validate their use cases. Companies can apply via a contact form by indicating a hashtag #sandbox23 in their message along with the use case/idea they are building. Companies are also required to describe their target users and any existing user base they already have.

As soon as Klarna validates their use case internally and reviewed the application, the company will set up a follow-up session with the participants to guide them through the next steps, the press release concludes. More about Klarna Kosma Klarna Kosma is a sub-brand and business unit of Klarna to harness the rapid growth of its world-leading Open Banking platform. By providing access to banks, Kosma supposedly reduces the time for new fintech services to reach a global scale and provides the building blocks for innovation in financial services.

Klarna Kosma was recently featured inside the 2022 version of the Open Banking report. If you would like to find out more about the company, we encourage you to download the report and visit its profile from our online company database. .