Swedish fintech giant Klarna, best known for its buy now, pay later services, is deepening its move into crypto by partnering with Privy, a Stripe-backed wallet infrastructure provider.
The two companies will co-design and test crypto wallet features aimed at helping everyday users store, use and send digital assets, the companies said, with the aim of “powering a new generation of crypto products for Klarna users.”
The project builds on Klarna’s recent deployment of KlarnaUSD, a dollar-backed stablecoin launched with Stripe’s Bridge platform.
Klarna says it now wants to make crypto more accessible by integrating it directly into its financial products, rather than offering it as a standalone app for crypto enthusiasts.
“Millions of people already trust Klarna to help them manage their everyday spending, savings and purchases,” said Sebastian Siemiatkowski, CEO of Klarna. “This puts us in a unique position to introduce crypto into the financial lives of normal people, not just early adopters.”
Privy, whose tools power more than 100 million accounts, including platforms like OpenSea, will provide the infrastructure. Klarna users could potentially hold stablecoins or other crypto assets, send money to friends, and potentially invest or transact globally within the Klarna ecosystem.
The announcement signals a growing trend: major financial players are testing ways to integrate crypto tools into the traditional consumer finance industry. Any product that Klarna eventually rolls out will still have to go through regulatory checks.
Once a skeptic, the company is now betting that digital currencies and wallets could play a key role in reducing the cost and friction of global payments.
