Safello Customers Can Now Buy Crypto Using Klarna

Shopping service and payments firm Klarna is partnering with crypto exchange Safello in a collaboration that will link the two Swedish platforms for cryptocurrency trading.

“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,” Safello CEO Frank Schuil said in a press release on Thursday (Feb. 18).

Headquartered in Stockholm, Safello is Sweden’s leading broker for cryptocurrencies, per the release, and Klarna is among the country’s top eCommerce and payments providers. Klarna’s collaboration with Safello would be its first foray into cryptocurrency.

Klarna’s open banking platform works with over 5,000 banks in 18 countries across Europe. The collaboration with Safello will give its more than 180,000 users the ability to directly buy cryptocurrencies from their bank account, the release says.

“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,” said Klarna Senior Commercial Manager Philippe Rousseau.

Klarna said earlier this month that it is offering consumer bank accounts in Germany in a move towards becoming an all-in-one app. The company said that integrating shopping and banking would be a benefit to consumers.

The new banking product will be launched to select Klarna consumers and then fine-tuned before launching to all German Klarna users in the coming months. 

The acceptance of cryptocurrency as both a payments tool and investment instrument is moving into the mainstream, facilitated in part by celebrity endorsements and funding. A recent PYMNTS interview with Ternio General Manager Keith Johnson indicated that bitcoin transactions are costly and can be slow.