Klarna, a Swedish company known for its “buy now, pay later” (BNPL) services, has launched mobile phone plans in the US in collaboration with telecom startup Gigs.

The plans are priced at US$40 per month and include unlimited data, calls, and texts.

This initiative follows similar moves by fintech competitors Revolut and N26 as Klarna seeks to diversify its offerings. The company aims to become a broader financial platform, providing services beyond traditional finance.

This includes a “digital financial assistant,” according to CEO Sebastian Siemiatkowski.

Siemiatkowski noted the potential of AI in personalizing services for users. He mentioned that AI could help identify cost-saving opportunities by suggesting better pricing models for subscriptions.

Additionally, AI can streamline their implementation.

Klarna has encountered challenges in its goal to operate as a “super app,” a model that combines multiple services in one platform, which is popular in Asia.

Siemiatkowski acknowledged past issues due to underdeveloped technology. However, he expressed optimism about AI’s role in improving user experience.

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🔗 Source: CNBC

🧠 Food for thought

1️⃣ The evolution of fintech: from single-purpose tools to super apps

Klarna’s ambition to become a super app reflects a broader industry shift away from specialized financial tools toward comprehensive ecosystems.

Looking at their trajectory since founding in 2005, Klarna has systematically expanded from a simple BNPL provider to a platform with banking, shopping, and now telecommunications services, mirroring the path taken by competitors like Revolut and N26 1.

This evolution parallels what happened in mobile banking adoption, where consumer engagement dramatically increased to checking financial apps 7+ times weekly by 2018, signaling growing comfort with managing multiple financial services through a single platform 2.

While Western super app adoption has lagged behind Asian markets, Klarna’s user base growth to 85 million (with 37 million in the US alone) suggests there’s significant appetite for more integrated financial services 3.

The key challenge isn’t technical capability but effective user experience. Klarna’s CEO acknowledged their previous super app attempt was “confusing for customers,” highlighting why simply adding features isn’t enough without thoughtful integration.

2️⃣ The perception gap between US and European Klarna users

Klarna faces a unique regional identity crisis that highlights how financial products can be perceived differently across markets despite identical core functionality.

In the United States, Klarna is predominantly seen as a BNPL service. For example, its partnership with DoorDash triggered negative reactions from consumers who interpreted it as promoting installment payments for food delivery during economic hardship.

By contrast, in Sweden and Norway, Klarna functions as a mainstream payment provider where nearly half of online stores offer its invoicing services 4.

The company’s revenue and transaction data reveal this dichotomy: while generating $1.5 billion in revenue (2022) across 250,000 global merchants, Klarna’s reception varies dramatically between regions despite offering identical services 3.

This regional perception gap demonstrates how financial technology adoption is shaped not just by functionality but by cultural context, market entry positioning, and regional consumer behaviors—a challenge that all global fintech companies must navigate when expanding internationally.

3️⃣ The AI-powered financial assistant: promise versus reality

Klarna’s vision of becoming an AI-powered financial assistant represents a growing trend where fintech companies seek to leverage artificial intelligence to create personalized banking experiences.

The global fintech market’s explosive growth—from $194 billion in 2023 to a projected $492 billion by 2028—is largely driven by companies investing in AI capabilities to differentiate their services 5.

While Siemiatkowski acknowledges the potential (“There’s a tremendous opportunity”), he also recognizes the implementation challenges (“it’s just getting it to work”), highlighting the gap between AI’s theoretical capabilities and consistent real-world performance.

Klarna has already integrated AI into its operations to enhance customer engagement and internal efficiency 6, but the ambition to proactively identify cost-saving opportunities for users represents a significant leap in functionality.

The challenge lies in transforming from a transactional service to a trusted financial advisor—particularly for a company still perceived by many Americans primarily as a payment option rather than a comprehensive financial partner.

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