Klarna applies for a US banking licence



Klarna wants to be a real American bank. The Swedish BNPL giant has applied for a US banking licence, betting a friendlier Washington will let it crack a market that has bruised European rivals.

Klarna has applied to US regulators to set up its own bank, tech.eu reports. The Swedish fintech filed with the Utah Department of Financial Institutions and the Federal Deposit Insurance Corporation to launch Klarna Bank USA, an FDIC-insured institution. If approved, a former Milestone Bank chief, Gary Harding, would run it, according to CNBC.

From BNPL to full bank

Klarna already holds a European banking licence, which its finance chief once called one of its biggest advantages. In the US, it has leaned on partner banks instead. It recently launched high-yield savings there, but WebBank, not Klarna, holds the deposits. A US charter would change that.

Owning a bank lets Klarna fund loans with customer deposits rather than pricier wholesale money. It could offer checking accounts and credit cards directly, and pull payments, lending and merchant services in-house. The prize is a cheaper, more self-reliant American business.

A crowded race for charters

Klarna is not alone. Revolut applied for a US charter in March, and Dutch challenger Bunq refiled this year. The fintech Mercury won conditional approval in April. Owning a charter, once a chore fintechs avoided, now looks like an edge.

The timing matters. The US banking market has long resisted European entrants, and Klarna frames the Trump administration as more open to newcomers. “Banking is built on trust,” said co-founder and CEO Sebastian Siemiatkowski. He called an own licence “the natural next step.”

Why it matters

Klarna has gone big in America. It claims more than 30 million US customers, a US debit card, and over $93bn in credit extended. Yet the ground is not entirely friendly. Monzo quit the US to focus on Europe, and Klarna’s own shares trade near half their September IPO price.

A banking licence would deepen its American bet at a moment when investors want discipline. For now, Klarna has filed the papers. Regulators, and trust, will decide the rest.



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Recent Reviews


1,000W, 10-port charger for $45... predictably disappointing.

1,000W, 10-port charger for $45… predictably disappointing. 

Adrian Kingsley-Hughes/ZDNET

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ZDNET’s key takeaways

  • Things that look “too good to be true” invariable are just that.
  • This example got dangerously hot in a short period of time before dying. 
  • There’s no legitimate charger that comes close to delivering on the 1,000W promise.

Being a tech reviewer for a living means that I get offered some very interesting things. Not interesting as in Bugatti supercars or jewel-encrusted Fabergé eggs, but interesting as in “this thing could easily be a fire hazard — want to take a look?”

Also: The best GaN chargers of 2026: Expert tested

Submissively, I often say yes. And I’m glad I did with the most recent pitch, because it was very interesting indeed.

Meet the “interesting” charger

This time around, the thing of interest was a charger that claimed to deliver an incredible 1,000W through its ten ports — four 140W USB-C ports, four 100W USB-C ports, and two 20W USB-A ports. 

The person who bought this charger told me that they’d plugged it in, used it to charge their phone for “a few minutes,” got worried when it became “a little hot,” and unplugged it.

That's a lot of promise... but (spoilers), they don't deliver!

That’s a lot of promise… but (spoilers), they don’t deliver!

Adrian Kingsley-Hughes/ZDNET

The unit was suspiciously light and plasticky, especially given its built-in power supply. Compare this to Ugreen’s Nexode 500W charger, which weighs a hair under 5 lb.

There was also a slight whiff of melty plastic, which made me think that this had been a bit more than a little hot. 

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Color me suspicious, but I had a gut feeling that the only way this charger would be able to push out 1,000W would be if it caught fire. 

Turns out I wasn’t far wrong.

How long would it last? Answer: Minutes

Talk is cheap. It was time to test the charger. 

So I plugged it in, turned it on, and started using it. Within a couple of minutes of starting to use it, I noticed a few things:

  • No matter what I tried, I couldn’t persuade the charger to deliver more than about 60W from any of the ports. 
  • As for peak output, I managed to get close to 250W.
  • The power output was very uneven and noisy, fluctuating wildly. The more ports I used, the worse it got.
  • The unit got very hot to the touch very quickly, even under light loads. 
  • But… before I could get the thermal camera out to check how hot it got, there was a pop and the unmistakable smell of “Magic Smoke.” The charger had been sent to Silicon Heaven within minutes.

Annnnd… POP! This is the moment the charger gave up the ghost.

Adrian Kingsley-Hughes/ZDNET

Diagnosis time

Time to take it apart and have a look inside. For an item that plugged into the mains power, this unit was shockingly easy to take apart. 

A thin sheet of easily removable plastic is a that separates curious hands from live AC power.

A thin sheet of easily removable plastic is a that separates curious hands from live AC power.

Adrian Kingsley-Hughes/ZDNET

And even unplugged and broken, it was capable of delivering zaps! If the case came off while this was plugged into an outlet, it could very easily be deadly.

There’s charge still in some of the capacitors, and these could deliver quite a zap despite the unit being broken and unplugged!

Adrian Kingsley-Hughes/ZDNET

After getting inside, the unit was filled with a grey goo that I’d seen in a previous disappointing charger I’d taken apart. This is a thermal paste that’s used to try to dissipate the heat generated by the components. 

It’s not really going to work because it’s sealed in a plastic box with no effective heatsink. It’s a token gesture at best. At worst, it creates a mass that’ll slowly heat up and hold temperature because it’s got no way to get rid of it.

Behold the grey goo!

Adrian Kingsley-Hughes/ZDNET

Next to this goo was a bank of capacitors — the black cylinders in the photo — which were the cause of the failure. They’d clearly overheated, with three of them showing signs of bulging.

The problem!

Adrian Kingsley-Hughes/ZDNET

Well there’s the problem!

I also noticed that two of the components — bridge rectifiers that are used to turn AC mains into DC — have been fixed on an angle to make the touch a metal heatsink. It’s not really an effective way to cool down components.

The bottom line

Another “too good to be true” device bites the dust. It’s not the first one I’ve come across, and it won’t be the last.

Moral of the story here is that manufactures are using big number marketing — in this case 1,000W and masses of ports — to scalewash poor quality products. 

This might be a half-decent product if it was built to deliver 100W, but there’s no end of competition at that end of the market. Silkscreen “1,000W” on the outside, sprinkle in a few reviews that feel scripted and fake, and all of a sudden it’s interesting and exciting… right up until it blows up. 

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I know of no 1,000W charger. In fact, the 500W Ugreen Nexode is the highest-power charger that I’ve tested that’s legit. And the price is also legit — $250. 

But it’s built to deliver on what it promises and is packed with safety features, including “tip-over protection,” which cuts the output when the unit tips over and prevents it from falling on its side, where it can’t dissipate heat effectively. Now that’s an attention to safety that I like to see in a product that handles that much power. 

But if you want 1,000W of output, you’ll have to buy two and duct tape them together.





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