Denario taps Klarna Kosma for expansion

Financial technology company, Klarna Kosma, has announced a partnership with Berlin-based fintech, Denario, in a bid to expand the latter’s connectivity beyond Europe. The partnership will see Klarna Kosma’s Open Banking platform provide its services to Denario, granting it access to an international banking network. This will allow Denario to expand its payment platform to American customers in the future.

Denario’s payment platform offers a range of services and products, including streamlining payment processes and optimizing cash flow. The platform keeps track of clients’ money flows and manages payments while monitoring overdue invoices. The partnership with Klarna Kosma will provide secure and efficient access to account information, as well as direct A2A transfers across multiple banks and countries.

Klarna Kosma provides essential connectivity to financial institutions, merchants, and organizations to build and develop fintech applications and services by working with traditional institutions. The company has had several partnerships and product launches, covering a variety of geographies.

In January 2023, Klarna Kosma announced its collaboration with Netherlands-based personal finance application, iBilly. This partnership aimed to provide iBilly customers with a data-driven financial overview and enabled the company to offer its budgeting technology to clients across Europe. This resulted in a 28% increase in monthly user growth, with over 70% of new clients moving through onboarding, according to an official press release.

In November 2022, Germany-based fintech company, Moss, partnered with Klarna Kosma to push digitalization for SMEs in Europe. Moss provides 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 Klarna Kosma’s Open Banking services to help SMEs save time and money while removing accounting errors and gaining real-time visibility over spending.

Klarna Kosma rolled out its Open Banking “autopilot” initiative in November 2022 to help startups develop Proofs of Concepts in the ecommerce, fintech, and data analytics space. A select number of startups and established companies were granted access to all the products available on Klarna Kosma’s Open Banking platform for three months, free of charge, with a maximum of 300 transactions, payments, or MAUs per month. This aimed to accelerate innovation in the development of Open Banking uses by providing innovators with a zero-cost product development “sandbox” service.