Klarna Wins Regulatory Approval to Offer Credit, Payments in UK
- The authorization doesn’t pertain to buy-now-pay-later loans
- Klarna says approval puts firm on ‘secure regulatory footing’
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Klarna Bank AB won approval to offer credit and payment products in the UK, though the new authorization excludes the company’s popular buy-now-pay-later loans.
The Financial Conduct Authority’s new authorization allows it to continue operations in the UK market just as a temporary approval it received in the aftermath of Brexit was due to expire in just five weeks, according to a statement. The Stockholm-based company established a UK-based entity, Klarna Financial Services UK, to offer all of its consumer-facing products in the country.