In the recent scenario, the digitisation in the world of finance has changed how the traditional banks used to operate. According to current figures from the Deutsche Bundesbank, the number of bank branches has fallen back to the level of the 1950s. A study by Bitkom from 2019 shows that 7 out of 10 German citizens do their banking on the internet. This is where Klarna is now looking to scale.
In a recent development, the Sweden-based fintech startup that provides e-commerce payment solutions to merchants and shoppers, has announced that it is launching consumer bank accounts in Germany to provide them with further control of their finances.