Klarna, best known for its buy-now-pay-later (BNPL) service, is launching an MVNO.
The company is set to launch a $40-per-month phone plan. The plan will include unlimited 5G data, calls, and texts, operating on AT&T’s network.
Klarna joins the growing list of mobile virtual network operators (MVNOs) in an increasingly competitive space.
Customers can sign up directly through the Klarna app without contracts or hidden fees. The service supports eSIM only.
Klarna’s core business has been its BNPL service, which allows users to split purchases into four payments. However, BNPL services have faced scrutiny. A Consumer Financial Protection Bureau (CFPB) study earlier this year found that frequent BNPL users tend to carry more debt than non-users. Additionally, a LendingTree survey revealed that 41% of BNPL users reported making late payments in the past year.
Klarna’s foray into mobile services signals its ambition to expand beyond BNPL. CEO Sebastian Siemiatkowski recently told CNBC that the company aims to transform its app into a “digital financial assistant.” Using AI, the app would help users identify when they’re overpaying for services and offer better pricing options, which could be implemented with a single click. For now, US users can join the waitlist for Klarna’s mobile service. The company also plans to roll out the service in the UK, Germany, and other countries in the near future.
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