Klarna launches bank-like personal account, cashback ahead of IPO [Video]

Financial technology firm Klarna is pushing deeper into banking with its own checking account-like product and a cashback offering that rewards users for shopping via its app.

The company — best known for its buy now, pay later loans that let consumers pay for purchases via interest-free monthly installments — said Thursday that it is launching the new products as it seeks to “disrupt retail banking” and encourage customers to move their spending and saving onto its platform.

“These new products make it easier for customers to manage multiple scheduled payments, helping our customers use Klarna for more frequent purchases and driving loyalty,” Sebastian Siemiatkowski, Klarna’s CEO and founder, told CNBC.

Siemiatkowski said that Klarna wants to “support all consumers with their everyday spending,” adding that the products will allow …