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Dutch Fintech iBilly Realises Importance of Open Banking With Klarna Kosma Partnership

Organisations, like customers, must make sure they are spending within their budgets. Excessive spending can be disastrous while underspending can lead to falling behind competition. With this in mind, Klarna Kosma, Klarna’s financial technology platform for banks, fintechs and innovative retailers, has joined forces with iBilly, the Dutch personal finance app.

iBilly has been looking for a way to break into the European budgeting technology market. With its new partnership, Klarna Kosma will enable the Dutch fintech’s users a data-driven one-stop overview of their finances.

Launched in 2021, iBilly is a budgeting app which uses AI technology to enable users to streamline their bank accounts, budgets and saving goals all in one place. Whether users want to save for a retirement or get on the property ladder, the app provides them with insights into their current and future financial situation. It does so by retrieving and categorizing transactions. This gives them a clear overview of their income and expenses on a daily basis.

Open banking is the key

Knowing that open banking was the key to expansion, iBilly turned to Klarna Kosma, a sub-brand and business unit of Klarna. It provides access to more banks than any other open banking provider and rapidly reduces the time for new fintech services to reach global scale.

Partnering with Klarna Kosma has allowed iBilly to expand across Europe. Consequently, iBilly was connected to over 15,000 banks with a single integration. This has resulted in monthly user growth increasing by 28 per cent and over 70 per cent of new users moving forward with onboarding.

Mo Radjab, CEO of iBilly said:

“Working with Klarna Kosma has enabled us to accelerate ahead of our competitors by connecting us with banks across Europe and helping us to attract a huge increase in users. Our partnership means we can focus on innovating the app to generate smarter insights to help our users budget, save and maintain healthy finances. That is our ultimate goal.”

Wilko Klaassen, VP for open banking at Klarna Kosma said:

“With access to Klarna Kosma, iBilly has already expanded its reach and helped new users budget and save money – an aim shared by Klarna. Klarna Kosma is helping to power businesses by providing the essential building blocks for innovation in financial services. It’s fantastic to welcome iBilly to the platform and we look forward to being part of their further growth and continued success. We want to help them provide even more users with services to shore up their finances.”


  • Francis is a journalist and our lead LatAm correspondent, with a BA in Classical Civilization, he has a specialist interest in North and South America.

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