" class="no-js "lang="en-US"> Klarna is first BNPL provider to partner with Money Adviser Network
Sunday, April 14, 2024

Klarna is first BNPL provider to partner with Money Adviser Network

Klarna, the global payments network and shopping destination, today announced a partnership with the Money Adviser Network to help its consumers access free and impartial debt advice quickly, as part of wider efforts to promote healthy spending. This makes Klarna the first Buy Now Pay Later (BNPL) provider to join forces with the Money Adviser Network.

Through the partnership Klarna will signpost debt advice services from members of the Money Adviser Network to its customers. This will enable individuals who are concerned about their finances or would like independent and free credit advice to access 24/7 support.

The Money Adviser Network is provided by MoneyHelper, a UK Government body, and connects consumers directly to the debt advice services of StepChange, Citizens Advice or the National Debtline. The Money Adviser Network automatically identifies the debt advice services with the most available advisers, ensuring consumers can access debt advice as quickly as possible.

Through the Money Adviser Network, Klarna customers will benefit from access to trusted advisers and recommendations for the service with the most agents available at any one time, so they can get help quickly.

This comes as Klarna, along with the rest of the financial services industry, prepares for the FCA’s implementation of its Consumer Duty, which will set higher and clearer standards of consumer protection across firms and requires them to put their customers’ needs first.

Today’s news is the latest in a string of announcements by Klarna highlighting how it is supporting its customers to borrow responsibly. Recent initiatives include the launch of Klarna’s credit ‘opt out’ tool enabling customers to ‘pre-decide’ not to use credit, and its ongoing work with Fairer Finance to ensure its terms and conditions are clear and simple to understand.

Klarna is also trialing Open Banking data to improve its affordability assessments. It also continues to limit access to its credit products for those consumers who fall behind on their payments, to prevent debt from accumulating. Klarna’s unique underwriting on each transaction and clear payment schedules mean its default rates are 30-40% better than at credit card providers.

Flora Coleman, Director of Global Policy and Government Relations at Klarna, said: “We are proud to be the first BNPL service to join forces with MAN and give customers a simplified route to debt advice, and are calling on other BNPL providers to join us in providing the same access to advice and support, to ensure that customers’ interests are always put first.”

People In This Post

Companies In This Post

  1. BNY Mellon Collaborates with Accenture to Drive Accelerated Growth for Clients Read more
  2. XS.com Awarded the “Best Multi-Asset Broker – LATAM” at UF Awards in Mexico Read more
  3. Insurtech bolt Appoints CFO, Matt More, SaaS Technology Veteran Read more
  4. Navy Federal Credit Union Announces 7-Year Strategic Partnership With Backbase Read more
  5. aelf Leads the Fusion of AI and Blockchain to Shape the Future of Technology Read more
Global-blockchain-show