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Klarna Files for US Banking License via Utah Industrial Bank Charter
On July 6, Klarna filed with the Utah Department of Financial Institutions and the FDIC to establish Klarna Bank USA, an industrial loan company charter that would let it hold deposits, fund its own loans, and cut dependence on partner banks. Klarna cites $91.3B in US credit extended since 2019 and ~30M annual American users, and named ex-Milestone Bank CEO Gary Harding to run the unit. It's the same ILC route Square/Block and Nelnet used in 2020, though approval can take over a year.
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