Klarna’s financial technology platform for banks, fintechs and innovative retailers, Klarna Kosma has announced that it has joined forces with iBilly, the Dutch personal finance app, to give its users a data-driven, one-stop overview of their finances.
The new partnership has seen user growth soar, allowing iBilly to bring its innovative budgeting technology to customers across Europe.
Launched in 2021, iBilly is a budgeting app which uses AI technology to enable users to streamline their bank accounts, budgets and saving goals all in one place. Whether users want to save for a retirement or get on the property ladder, the app provides them with insights into their current and future financial situation by retrieving and categorizing transactions. This gives them an ideal overview of their income and expenses on a daily basis.
Knowing that open banking was the key to expansion, iBilly turned to Klarna Kosma, a sub-brand and business unit of Klarna, which provides simple access to more banks than any other open banking provider and rapidly reduces the time for new fintech services to reach global scale.
Partnering with Klarna Kosma has allowed iBilly to seamlessly expand across Europe, connecting them to over 15,000 banks with a single integration. This has resulted in monthly user growth increasing by 28 per cent and over 70 per cent of new users moving forward with onboarding.
CEO of iBilly Mo Radjab said: “Working with Klarna Kosma has enabled us to accelerate ahead of our competitors by connecting us with banks across Europe and helping us to attract a huge increase in users. Our partnership means we can focus on innovating the app to generate smarter insights to help our users budget, save and maintain healthy finances – which is our ultimate goal.”
VP for Open Banking at Klarna Kosma Wilko Klaassen said: “With access to Klarna Kosma, iBilly has already expanded its reach and helped new users budget and save money – an aim shared by Klarna. Klarna Kosma is helping to power businesses by providing the essential building blocks for innovation in financial services. It’s fantastic to welcome iBilly to the platform and we look forward to being part of their further growth and continued success, helping even more users to shore up their finances.”