Swedish fintech giant Klarna, best known for its buy now, pay later services, is deepening its foray into cryptocurrencies 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, in an effort to “drive a new generation of crypto products for Klarna users.”
The project builds on the recent launch of KlarnaUSD, a dollar-backed stablecoin launched with Stripe’s Bridge platform.
Klarna says it now wants to make cryptocurrencies more accessible by incorporating them directly into its financial products, rather than offering them as a standalone app for crypto enthusiasts.
“Millions of people already trust Klarna to help them manage their everyday spending, savings and shopping,” said Klarna CEO Sebastian Siemiatkowski. “That puts us in a unique position to bring cryptocurrencies into the financial lives of regular people, not just early adopters.”
Privy, whose tools work with more than 100 million accounts, including platforms like OpenSea, will provide the infrastructure. Klarna users could eventually 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 incorporate crypto tools into traditional consumer finance. Any products Klarna eventually launches will have to go through regulatory checks.
Once skeptical, the company is now betting that digital currencies and wallets could play a key role in reducing the cost and friction of global payments.
