Klarna is launching a personal account for deposits and cashback rewards.

Klarna is launching a personal account for deposits and cashback rewards.The company says its new products are hoping to “disrupt retail banking” and encourage customers to centralize their spending and savings on its platform. This move highlights Klarna’s expansion into pseudo-traditional banking in the U.S. and U.K., and the balance feature specifically is highly anticipated as it will allow users to store money in a personal account for instant purchases and to repay buy now, pay later loans. (CNBC)

📊 YPulse data: 31% of 13-39-year-olds have used a “buy now, pay later” or payment installment service