• OnePay is expanding its partnership with Klarna to launch Swipe to Finance, a feature that will enable eligible customers to convert debit card purchases into post-transaction installment payment plans.
• Specific details of the terms around post-purchase financing have not been disclosed, but the feature will position OnePay alongside players like PayPal and Affirm by offering flexible repayment options beyond the point of sale.
• Swipe to Finance strengthens OnePay’s push to compete with digital banks such as Chime and Dave, adding to its growing suite of banking, payments, investing, and crypto tools backed by Walmart’s scale and embedded distribution.

Walmart-owned digital banking platform OnePay is deepening its ties with BNPL player Klarna to launch Swipe to Finance, a new feature that will offer customers the option to pay over time even after they’ve made the transaction.

“Not every purchase comes at the right time,” said Thomas Hoare, Chief Commercial Officer at OnePay. “Customers want and deserve financial flexibility when they need it most, which is why we’re excited to offer new ways for them to pay over time and do it simply, transparently, and all in the OnePay app.”

After making a purchase with a OnePay debit card, eligible customers can use the OnePay app to convert transactions into fixed-term payment plans. While the company has not disclosed details about launch timing, eligible purchases, or available plan options, OnePay’s post-purchase financing may resemble models offered by PayPal and Affirm, which allow users to either pay in four installments or spread payments over longer repayment periods ranging from three to 36 months.

“Post-purchase payments are becoming a core part of how people manage money,” said David Sykes, Chief Commercial Officer at Klarna. “With Swipe to Finance powered by Klarna, we’re giving customers a simple, transparent way to take control of payments after the fact, directly in the OnePay app. It’s another step in expanding smarter payment options and meeting consumers wherever they choose to pay.”

This week’s Swipe to Finance announcement comes about 10 months after OnePay and Klarna first teamed up to offer BNPL options at the point of sale for consumers. The company hinted at plans to deepen ties with Klarna even further, stating, “Additional products and features are planned for later this year that expand OnePay’s types of flexible payment options and can reach new customers.”

Today’s announcement comes at a time of major growth for OnePay, which is seeking to compete with well entrenched digital banks such as Chime and Dave. Last fall, the company partnered with DriveWealth to offer embedded investing tools and teamed up with Zero Hash to facilitate bitcoin and ether trading within its app. In addition to these new capabilities, the OnePay app also offers traditional banking tools such as a high-yield savings account, peer-to-peer money transfer capabilities, and cross-border payments. However, the app also differentiates itself from traditional banks and even other digital banks with a credit builder card, tax filing service, and even a low-cost mobile phone plan via a partnership with Gigs.

OnePay is seeking to compete with entrenched digital banking players such as Chime and Dave. The company is well positioned to do so thanks to its second-mover advantages and embedded distribution through its parent company, Walmart, which launched OnePay in January 2021 in partnership with Ribbit Capital. In January 2022, Walmart expanded OnePay’s capabilities by acquiring two fintech platforms, Even and ONE, which helped Walmart create its version of a financial services super app.

For more on Walmart’s fintech ambitions, which started in 2005 when it applied for a Utah Industrial Loan Corporation (ILC) charter, check out my deep dive conversation on the One Vision podcast with host Theodora Lau.

• Klarna has launched peer-to-peer payments in 13 European markets, enabling users to send money, split bills, and gift cash directly within the Klarna app.
• The move shifts Klarna beyond buy-now, pay-later toward becoming an everyday digital hub for spending and money management.
• While initially limited to Klarna users sending domestic payments to other Klarna users, the company plans to expand P2P payments to non-users, cross-border transactions, and potentially stablecoin-based options in the future.

Digital payments app Klarna is taking a step to become more like a bank. The Sweden-based company has launched peer-to-peer (P2P) payment capabilities this week, making it possible for users to send funds to family and friends.

The new P2P capabilities will initially be available in 13 European countries: Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Portugal, Spain, Sweden, and the UK. Customers in these nations will be able to use the Klarna app to split bills, gift cash, and send funds under the protection of a regulated bank.

Klarna, which originally launched as a buy-now, pay-later tool in 2005, views this launch as the next step in its evolution as an everyday digital hub for spending and money management.

“Customers are sick of the friction and fees of traditional banking, which is why millions signed up to Klarna Card within a few months of launch,” said Klarna Co-founder and CEO Sebastian Siemiatkowski. “With peer-to-peer payments we’re making it even easier to manage all of your payments through Klarna, now including small transfers, making managing your money quicker, easier, and cheaper.”

At launch, P2P payments will only work between Klarna users sending domestic payments. To send funds, users need a recipient’s phone number or email address, or they can use a QR code or saved contact. When the sender confirms the amount, Klarna checks the transaction details for fraud. The company plans to expand the capabilities to non-Klarna users and to cross-border payments in the future.

This is among the first major announcements Klarna has made since going public in September 2025. And while it comes two months after the company debuted the KlarnaUSD, its stablecoin, the company said that its P2P payments will initially run over traditional payment rails, though it is exploring stablecoin-based options.

The launch of the new P2P payment capabilities marks Klarna’s first move in 2026 after a busy 2025, when the company saw the deposits in its Klarna Balance account double from $9.5 billion in 2024 to $14 billion in 2025. Additionally, Klarna’s debit card saw more than four million sign-ups just four months after launching.

Klarna made no mention of plans to launch P2P payment capabilities in the US, where it would face entrenched competitors such as Cash App, Venmo, and Zelle. However, adding P2P payments to an already robust app deepens Klarna’s role in users’ daily financial lives, which would reinforce its ambition to move beyond buy-now, pay-later and closer to a full-service digital banking experience.

Photo by cottonbro studio

• Klarna revealed plans to launch KlarnaUSD, a new stablecoin built on Stripe and Paradigm’s Tempo blockchain.
• Set to debut on the Tempo mainnet in 2026, KlarnaUSD will leverage early access to Tempo for testing and integration.
• The move positions Klarna to capture value in the $120 billion cross-border payments market, using stablecoins to cut costs for both consumers and merchants as stablecoin usage surpasses $27 trillion annually.

Two months after reaching one million card sign-ups in the US, BNPL leader Klarna has revealed plans to launch its own stablecoin, KlarnaUSD.

Klarna is launching its new stablecoin on the Tempo blockchain. Launched in September 2025, Tempo is an independent, layer-1 blockchain created by Stripe and Paradigm that’s built for payments. KlarnaUSD is built on Open Issuance by stablecoin infrastructure platform Bridge.

“With 114 million customers and $118 billion in annual GMV, Klarna has the scale to change payments globally: with Klarna’s scale and Tempo’s infrastructure, we can challenge old networks and make payments faster and cheaper for everyone,” said Klarna Co-founder and CEO Sebastian Siemiatkowski. “Crypto is finally at a stage where it is fast, low-cost, secure, and built for scale. This is the beginning of Klarna in crypto, and I’m excited to work with Stripe and Tempo to continue to shape the future of payments.”

Klarna will launch its stablecoin on the Tempo mainnet in 2026. Tempo has granted Klarna early access to its infrastructure in advance of the KlarnaUSD launch to allow the fintech to conduct advanced testing, prototyping, and integration.

Klarna and Stripe first teamed up in 2021 when they partnered to allow Stripe users in 20 countries to offer Klarna’s BNPL option, with Stripe as the preferred payments partner in the US and Canada. The partnership between Klarna and Stripe’s blockchain, Tempo, deepens the relationship between the two players.

Today’s announcement comes as cross-border payments are estimated to generate $120 billion in transaction fees annually, and as stablecoin transactions top $27 trillion a year. Launching its own stablecoin isn’t just a way for Klarna to jump on a recent trend. The company will leverage the benefits of stablecoins to reduce costs for both consumers and merchants.

Photo by appshunter.io on Unsplash

• Klarna’s debit card hit one million US sign-ups in just 11 weeks, reflecting strong consumer demand for flexible, seamless payment experiences.
• The card’s growth highlights the success of Klarna’s integrated model that combines commerce, payments, and banking features.
• Banks and fintechs should take note of Klarna’s playbook to meet customer expectations of unified ecosystems, modernized infrastructure, and agility.

BNPL leader Klarna revealed today that its debit card reached one million US sign-ups in just 11 weeks. The news from Klarna is certainly a testament to the company itself, which has freshly gone public. The growth also sends deeper signals about evolving consumer behavior, fintech product strategy, and what banks should do to stay relevant.

As a recap, Klarna launched its debit card in the US on July 4 of this year. The fintech is seeing 13,000 new US users sign up for debit cards each day, reaching a peak of 50,000 sign-ups on September 23. The card, which is aimed at consumers seeking a wider variety of payment options and timing, is different from other fintech debit cards on the market, as it adds BNPL flexibility to help shoppers pay on their own terms, wherever they shop.

“The amazing response to our card in the US shows just how strong the demand is for a fairer, more transparent way to pay,” said Klarna CMO David Sandström. “With the Klarna Card, consumers get the best of both worlds: the simplicity of a debit card with the flexibility of credit.”

What Klarna is doing right

There’s no denying that these numbers are staggering. They also highlight key aspects about Klarna.

First, the numbers reflect an increase in demand for seamless payments experiences. With its single card able to offer a variety of payment options, Klarna’s debit card provides a single wallet experience with integrated financial tools rather than multiple, disjointed products. The rapid increase in cardholders suggests users prefer an integrated payment experience that offers multiple payment options.

The data is also an indication of how Klarna has achieved an optimal trifecta in the fintech world. The company already combines commerce, payments, and banking features, and its debit card extends the reach of each of these elements even further.

Crucially, reaching one million debit cardholders in 11 weeks requires KYC, underwriting, fraud prevention, compliance, and scaling techniques that all work in unison. Klarna has been able to balance each of these elements, proving that its critical infrastructure is able to stand up under stress.

What banks can learn

Given each of these elements contributing to Klarna’s success, it’s worth taking a deeper look at what banks and fintechs can learn from this growth.

First, they should take a look at their own ecosystem to ensure their cards, deposits, credit, and payments products work together in an integrated manner, and do not exist in isolated silos. They should also seek to modernize their underwriting, fraud, and decisioning engines to support their onboarding flows. Banks should also work to prioritize agility, product iteration, and scaling infrastructure. For firms seeking to grow, infrastructure upgrades are no longer optional.

Risks and caveats

While we can look to Klarna as an example of growth, it’s important to keep in mind that there are a few hidden factors to consider. The fintech’s rapid growth does not necessarily guarantee that its operations are profitable. Orchestrating interchange revenue, default risk, and customer acquisition costs is tricky, and the debit card issuance numbers don’t offer a full picture of profit. Additionally, as issuance numbers like these increase, so will regulatory scrutiny. Because of this, compliance overhead for consumer protection and disclosures may worsen as scale increases.

When it comes down to it, Klarna’s milestone shows that consumers want flexible, unified payments. It is a warning signal to banks that hesitate moving forward to modernize and integrate their product stack. Slow-moving players risk being reduced to back-end utilities.

Photo by Julio Lopez

• Klarna hit a major milestone with 100 million active users and 724,000 merchants in the first quarter of this year.
• Despite the fresh momentum, Klarna reported a $99 million pretax loss, which is more than double that of the previous year.
• Amid its customer wins and financial losses, Klarna continues to postpone its IPO.

Buy now pay later (BNPL) and global commerce platform Klarna has both good and bad to report this week. The Sweden-based company recently unveiled its Q1 2025 results, which revealed customer growth and revenue loss.

The good

Klarna announced that it reached 100 million active consumers in April 2025. The company reports that this is the fastest growth rate it has seen in two years, thanks in part to the integration of users from Stocard, a payments company Klarna acquired in 2021. In addition to customer growth, the company also experienced merchant growth, which was boosted by 27%, as Klarna reached 724,000 merchants and welcomed 150,000 new retail partners in the first quarter, which was more than double the previous period.

“The momentum is undeniable—and this is just Q1,” said Klarna CoFounder and CEO Sebastian Siemiatkowski. “Klarna has reached 100 million consumers and secured exclusive partnerships with major retailers like Walmart through OnePay, teamed up with DoorDash, and expanded our partnership with eBay to the US after multiple successful European launches. Our AI-first strategy is driving exceptional returns, we’re outpacing competitors, our merchant network is scaling rapidly, and our next-gen products are reshaping money management for millions.”

Klarna is known for its momentum in leveraging AI. In fact, 87% of its staff uses its Generative AI engine, Kiki in their daily work activities. Additionally, beginning in 2022, the company notoriously cut its workforce by 40% to replace human employees with AI efficiency.

The bad

On the negative side, Klarna also reported $99 million in pretax losses in the first quarter. This loss is up from $47 million a year ago. The company attributes the loss to one-off costs, including depreciation, share-based payments, and restructuring. However, the losses may also be a result of customers defaulting on their BNPL agreements. The company recorded $136 million in customer credit losses, reflecting a 17% increase year-on-year. Despite this, the credit loss rate as a percentage of Klarna’s total payment volumes sits relatively low at 0.54%, which is up from 0.51% a year ago.

Interestingly, Klarna appears to be walking back the workforce reduction it initiated a few years back. Seeing the need for human-in-the-loop when it comes to leveraging AI for customer service, the company plans to use an Uber-like approach to hiring customer service workers, allowing them to log on and off as spikes in demand for customer service rises and falls.

IPO or no?

Despite Klarna’s impressive customer and merchant growth in the first quarter of 2025, its financial challenges, combined with an uncertain economic environment, have cast a shadow over its IPO plans. Originally eyeing a public debut in 2025, Klarna has postponed its IPO amid continued losses, ongoing restructuring efforts, market uncertainty in the US, and increased regulatory scrutiny in the UK. As the company navigates rising credit losses and reevaluates its balance between AI-driven efficiency and human customer service, the delay signals a cautious approach to market timing.

Photo by Annamaria Kupo on Unsplash