European fintech Denario integrates with Klarna Kosma’s Open Banking platform
Berlin-based Denario has chosen Open Banking platform Klarna Kosma to help expand its connectivity beyond Europe, to countries including the US.
Through its integration with Klarna Kosma’s Open Banking platform, Denario, which is a digital financial management platform for businesses, will be able to provide secure access to account information and direct account-to-account (A2A) transfers across 15,000 banks in 27 countries globally.
“With Denario, we are creating a scalable solution for automating payment transactions worldwide,” said Philipp A. Pohlmann, founder and chief executive officer of Denario.
“Payment orchestration and reporting play a central role in B2B payments and can only succeed on a clean database. With Klarna Kosma, we have found a strategic partner to support US banks.”
Denario’s SME clients use the platform to keep track of their money flows from various accounts, manage and orchestrate outstanding payments, and monitor overdue customer invoices.
The fintech also combines historical transaction data, accounting data, and payment collection and reconciliation to offer insights into a company’s profile.
Wilko Klaassen, VP at Klarna Kosma, a business unit of buy now, pay later provider Klarna, added that the market for fintechs with a focus on SMEs holds enormous growth potential.
“But only a few Open Banking providers are dedicated to their needs. We are excited to enable Denario to make the leap to internationalisation and to jointly offer a comprehensive solution for automated business payments,” he said.
Last year, Berlin-based fintech Airbank also chose Klarna Kosma to accelerate its expansion across Europe and other markets.