Klarna is working on a new personal finance service to rival banks and fintech apps — here’s everything we know so far – Money Perception

Swedish fintech giant Klarna is preparing the launch of a new product line that will directly compete with personal finance apps like Qapital and Tink, reports Breakit.

”You will be able to pay bills, and make and follow up your budget. It sounds very much like Tink,” said an insider source to Breakit.

The service is said to be in prototype phase and – once finished – will initially target Swedish consumers.

Klarna, Europe’s leading e-invoicing company, has earlier announced its plans to challenge incumbent banks in the future. If the company’s pending application for a Swedish banking license is approved, it could start offering loans and other personal finance services in the future.

Another key enabler in Klarna’s new strategy is the PSD2-directive, which comes into force in EU nations next January. It will allow Fintech companies to connect their services directly to customers’ bank accounts.

Klarna has not yet commented on the new project, which is still shrouded in secrecy.