Klarna has announced it has been granted a full banking licence by Finansinspektionen, the Swedish Financial Supervisory Authority.

Obtaining a banking license will enable Klarna to broaden its product portfolio for customers and merchants. The license to operate as a bank comes into effect starting from the date of the decision.

Klarna is a Swedish ecommerce company, founded in 2005 in Stockholm, which provides payment services for online storefronts. Currently it has 60 million customers, serving over 70,000 merchants across the world. Their core service is to assume stores’ claims for payments and handle customer payments.