Buy now, pay later company Klarna has partnered with online deposit marketplace Raisin to open a savings account for German consumers.
Raisin’s German customers will have exclusive access to the new service, which includes products such as an overnight money account with an interest rate of 0.35%.
Robert Buenick, managing director, DACH Klarna, said: “We’re on an exciting journey from being purely a payment provider to a comprehensive shopping ecosystem. At the same time, we are consistently expanding our banking offerings. Through our cooperation, we’re enabling our customers to easily build up long-term assets.”
The Klarna deposit products are accessible through an online process via Raisin WeltSparen.
Klarna is not the only fintech looking to expand its offering. Earlier this week, BNPL outfit Affirm introduced a savings account offering a 1.3% APY, no minimums or fees, and optional auto-deposit.
The partnership comes after Klarna announced this week it was launching Vibe, a customer loyalty programme. This makes Klarna the first BNPL outfit to to offer a rewards programme.
The no-fee programme will be rolled out to the US market in June before being extended to Klarna’s other key markets of Germany, Australia, Sweden and the UK within the next year.
Sebastian Siemiatkowski, Klarna CEO, said: “We’re extremely proud to be the first company in the buy now, pay later space to offer a personalised rewards programme. We’re laser focused on providing our nearly 8 million US consumers with the most convenient, seamless and enjoyable shopping experience possible, from end to end, and the Vibe program builds on our efforts and success.
“Vibe members have the freedom to shop everywhere and will enjoy access to unique, tailored benefits from hand-picked partners in addition to exclusive offers, deals and other rewards.”