Today In Digital-First Banking: Klarna Provides German Bank Account; PSCU To Offer BNPL Installment Payment Plan
In today’s top digital-first banking news, Klarna is now offering consumer banking accounts in Germany, while PSCU will offer a new installment payments offering in the near future. Plus, Nymbus has raised $53 million in a Series C funding round.
Klarna, the payment and commerce platform known for its buy now, pay later (BNPL) option, is now providing consumer banking accounts in Germany as it inches closer to becoming an all-in-one app for its users. “Our focus is to provide a superior shopping experience to our consumers at the intersection of retail and banking,” Klarna CEO Sebastian Siemiatkowski said in a blog post.
PSCU, the payments credit union service organization (CUSO), will soon provide a new installment payments offering. The buy now, pay later (BNPL) installment plan allows cardholders to pay for purchases during a fixed timeframe by dividing the purchase amount into smaller payments. PSCU will begin experimenting with installment payments with credit unions in the near future, with a general release to follow.
Nymbus, the Banking-as-a-Service (BaaS) upstart, notched $53 million in an Insight Partners-led Series C funding round. “This new and significant investment validates a confidence in Nymbus to continue transforming the financial services industry with a banking strategy that buys back decades of lost time to speed digital innovation,” Nymbus CEO and Chairman Jeffery Kendall said in a press release.
Wells Fargo has opted to retain its private-label credit card operation after testing the market for a potential sale. The decision comes on the heels of different moves by CEO Charles Scharf, who, in a bit over a year on the job, already supervised the sale of the financial institution’s $10 billion student loan book and indicated that the firm would likely shed its asset management, business trust and rail operations.