It鈥檚 launching more traditional banking products: In June, Klarna introduced US debit cards in partnership with Visa and expanded savings and deposit offerings (as seen in Germany and now the US), per Visa鈥檚 press release. It鈥檚 also re-branding its identity: Klarna鈥檚 spokespeople refer to the company as a neobank rather than a "payments network and shopping assistant," per The Financial Times.
Why it鈥檚 worth watching: Germany is one of PayPal鈥檚 largest global markets. PayPal鈥檚 user base in Germany is forecast to hit 27.8 million customers in 2023鈥攁ccounting for nearly 25% of PayPal鈥檚 international core user base (which excludes the US), per Insider Intelligence forecasts.