Swedish payments company Klarna adds budgeting tools to app for Irish users

Swedish fintech Klarna has added a new suite of money management tools for Irish users that is designed to give customers full transparency over their spending.

The “financial overview’’ dashboard in the Klarna app includes budgeting tools to control spending, categorisation for spending so users can see where their money has gone, and a monthly breakdown that tracks spending levels month over month and compares them with average spending.

"Smart money management and informed budgeting are as important as ever for Irish consumers," said Colin Creagh, head of business development at Klarna in Ireland. "With its intuitive, interactive dashboard, the new financial overview in the Klarna app makes it effortless for you to understand your spending habits and stick to your budget, placing the consumer in the driver seat of their financial future."

The Swedish payments company officially launched in the fledgling "buy now, pay, later" market in the Republic in November 2021, aiming to take advantage of the surge in online shopping that has been accelerated by the Covid-19 pandemic. The group's 250,000 retail partners globally include H&M, Ikea, Samsung and Macy's.

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Buy now, pay later companies make their money by charging merchants 2-5 per cent of the purchase amount of a product. Klarna does not charge late-payment fees or interest rates on the “pay in three [installments]” offering, but starts off with customers with small transactions to develop a profile for further credit.