Klarna first entered the open banking space when it acquired Sofort, a direct bank-to-bank payment service in Germany, in 2014. Since then the Swedish giant has developed the service, expanding it into dozens of markets, and begun to use open banking to power additional in-house services.

Last April, the Swedish firm decided to introduce a separate brand, Klarna Kosma, offering financial institutions, fintechs and merchants the connectivity to build FS apps and services by providing simple and secure access to 15,000 banks in 24 countries through a single API.

However, as first reported by Tech.eu, the brand is now being scrapped with the business being folded under the main Klarna corporate brand.

Klarna say that the decision is based on the unit’s success and a desire to link it more closely with the main business. There will be no job losses.