Finextra

Buy now, pay later outfit Klarna is to open a savings account for German consumers using online deposit marketplace Raisin. In a first for Klarna, and available exclusively to Raisin’s customers in Germany, the new products include an overnight money account with a competitive interest rate of 0.35%.

The Klarna deposit products, operating from overnight to terms of up to 48 months, are accessible through a completely online process via Raisin WeltSparen.

Robert Bueninck, managing director DACH Klarna: “We’re on an exciting journey from being purely a payment provider to a comprehensive shopping ecosystem. At the same time, we are consistently expanding our banking offerings. Through our cooperation, we’re enabling our customers to easily build up long-term assets.”

The move comes as the buy now-pay later marketplace becomes increasingly crowded. Just today, Verrency introduced a payment installment option for banks as part of it payments API platform, while in Bogota, POS-financing startup Addi raised $15 million to export its service across Latin America.

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