Safello Partners Klarna to Facilitate Direct Crypto Purchases from Banks

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by Bhushan Akolkar · 2 min read
Safello Partners Klarna to Facilitate Direct Crypto Purchases from Banks
Photo: Depositphotos

The Sweden-based crypto exchange Safello will leverage Klarna’s open-banking services thereby allowing its 180,000 customer-base to directly purchase crypto from their bank accounts.

Just as cryptocurrencies continue to get mainstream acceptance, the services around them are building up fast. Cryptocurrency exchange Safello has teamed up with payments platform Klarna facilitating open banking services to its customers.

On Wednesday, February 17, the Sweden-based crypto exchange announced this new service. Working with Klarna, the platform will allow its 180,000 customer-base to directly purchase crypto from their bank accounts. This is Klarna’s first project in the crypto space as it goes to embracing the digital revolution.

Klarna currently has access to more than 5000 banks spread across 18 countries of Europe. Also, using a single API, the Klarna platform complies with pan-EU banking regulations. Speaking about the latest collaboration, Frank Schuil, CEO of Safello said:

“This is a match made in heaven. Klarna shares our vision of offering a superior user experience without compromising security and compliance. Besides, open banking is an exceptionally exciting area that will play a key role in our future plans”.

Klarna and Safello Partnership: Rise of Open Banking Services in the EU

In 2018, the EU Commission announced its Second Payment Services Directive (PSD2). This provided the much-needed fuel to the adoption and implementation of open banking services that have been going through some technical hurdles and unexpected challenges over the last few months.

The Klarna platform has made the most of the new directives building one of Europe’s most scalable open-banking systems. Philippe Rousseau, Senior Commercial Manager at Klarna said:

“For over 15 years, Klarna has developed a mature and secure financial ecosystem that opens up a range of opportunities for increased innovation and competition. Safello is a textbook example of consumer-centric innovators who can leverage the strength of our developer-friendly open banking infrastructure and we are very much looking forward to the partnership”.

Earlier this month, Klarna started offering consumer bank accounts in Germany with the aim of becoming an all-in-one app for its users. The company said that it aims to provide a seamless experience for shopping and banking to its customers. Klarna CEO Sebastian Siemiatkowsk said:

“Our focus is to provide a superior shopping experience to our consumers at the intersection of retail and banking. Users are demanding more seamless, intuitive and transparent services to meet their daily needs, but many banks still do not cater for this.”

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Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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