Swedish fintech Klarna has received an electronic money institution licence from the Financial Conduct Authority, setting the firm up to compete with UK firms Monzo and Revolut.
The licence will allow Klarna to offer its 11 million UK customers savings accounts and also pave the way for a debit card launch.
Abby Vickers, Klarna’s head of financial services UK, hailed the approval as the “next big step in the UK” as it seeks to extend operations.
Vickers said “traditional banks are still playing catch up,” as she touted the fresh permissions as ramping up Klarna’s offerings for finance management.
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