Swedish payments firm Klarna announced the expansion of its open banking solution across eight more European countries, which now includes Portugal, Denmark, Luxembourg, Ireland, Croatia, Estonia, Lithuania and Latvia.

As part of the latest expansion, Klarna also introduced the “Account Insights'” feature which turns simple bank statements into unique insights through categorisation and data enrichment.

These insights can enable a variety of use cases including personalised budget plans, insurance checks, loan applications, credit and risk assessments, personal finance management applications, and many more, through a simple API integration.

Klarna said that it currently supports a total of 24 countries in the continent, with up to 99% and a minimum of 90% bank coverage across markets.

Additionally, Klarna’s open banking solution reportedly processes more than 150 million transactions per year.

The solution allows consumers, wishing to elevate the potential of their financial data, to better understand and engage with their finances in a more meaningful way.

“Since we launched our open banking offering in March 2019 our growth trajectory has been tremendous. That’s why we’re excited to launch in 8 more markets today and expand our product offering even further, as we continue to lead Europe’s open banking industry covering more than 6.000 banks across 24 countries.

 

The ability to empower consumers through financial data should not be at the discretion of a single provider but open to many providers so that more solutions can be developed that put the customer at the center of their personal finances,”

said Koen Köppen, Chief Technology Officer of Klarna.

Featured image credit: Edited from Unsplash