Dutch start-up iBilly selects Klarna Kosma for open banking
By Gloria Methri
Klarna Kosma, Klarna’s financial technology platform for banks, FinTechs, and innovative retailers, 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 brings iBilly’s innovative budgeting technology to customers across Europe.
Launched in 2021, iBilly is a budgeting app that uses AI technology to enable users to streamline their bank accounts, budgets, and saving goals in one place. Whether users want to save for 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 daily.
Noting that open banking was the “key to expansion”, iBilly turned to Klarna Kosma, which provides simple access to banks and helps FinTech services to reach a global scale.
Partnering with Klarna Kosma allowed iBilly to expand across Europe, connecting them to over 15,000 banks with a single integration. This resulted in monthly user growth increasing by 28% and over 70% of new users moving forward with onboarding.
Mo Radjab, CEO of iBilly 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 goal.”
Wilko Klaassen, VP for Open Banking at Klarna Kosma 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 is 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.”
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