Helsinki, July 19, 2021 — Klarna, the leading global payments provider, and Coinmotion, the leading cryptocurrency investment service provider in the Nordics, announce a partnership that will enable Coinmotion’s European customers to deposit fiat currency for free and instantly buy bitcoin and other cryptocurrencies.
Coinmotion has enabled the new payment method for all clients free of charge. The list of supported banks will be continuously expanding. Starting today, Coinmotion will offer a direct and free payment connection to more than 5,000 banks in 14 countries across Europe, powered by Klarna’s PSD2 Payment Initiation Service.
Klarna has built one of Europe’s most scalable and proven open banking platforms in the industry that meets the requirements of the EU Commission’s Second Payment Services Directive (PSD2). This scale of integration to PSD2 interfaces is one of the first ones in the whole cryptocurrency industry in Europe.
“We are very proud to introduce these PSD2 enabled deposits among the first cryptocurrency service providers and payment institutions in Europe. The current methods to deposit money to different cryptocurrency services are either costly or money is not instantly available. This is an extra hurdle that one doesn’t usually experience when using other traditional investment services. By removing intermediaries in the payment process, we can speed up the settlement times and reduce counterparty risks,” says Heidi Hurskainen, CEO of Coinmotion.
Free and instant Klarna deposits for all Coinmotion clients
Offering instant and affordable fiat on-ramps is still something the cryptocurrency industry struggles with at large. The deposit methods beyond standard SEPA or bank transfer are often costly for end-users. For instance, using a credit card or another instant payment method typically costs 2-4% to get money into a cryptocurrency service account. Most traditional investors are not used to paying hefty fees to get money deposited into their trading accounts.
“Coinmotion, as a licensed payment institution, now has one of the most efficient fiat services to offer for EEA clients. We continue to work on bridging the gap between cryptocurrency and banking services by introducing additional services for our clients in the near future,” added Heidi Hurskainen.
As of now, Coinmotion supports the Klarna instant payment method in the European countries listed below:
- Austria (AT)
- Belgium (BE)
- Denmark (DK)
- Finland (FI)
- France (FR)
- Germany (DE)
- Great Britain (GB)
- Italy (IT)
- Norway (NO)
- Switzerland (CH)
- Spain (ES)
- Portugal (PT)
- Sweden (SE)
- The Netherlands (NL)
Users can log in to their Coinmotion account and head to Transfers to see a complete list of supported banks.
Coinmotion is the leading cryptocurrency investment service in the Nordics. Finland-based Coinmotion has been safely storing customers’ funds since 2012. The company is licensed as a payment institution and cryptocurrency service provider by the Finnish Financial Supervisory Authority FIN-FSA across the EEA.
Coinmotion makes it easy and safe to invest in cryptocurrencies. The company also offers customers to use their crypto through a payment card, interest account, collateralized loan, and trading in the main markets. Coinmotion makes cryptobanking accessible for everybody regardless of their location or level of knowledge about digital currencies.
With over 90 million global active users and 2 million transactions a day, Klarna is meeting the changing demands of consumers who want to shop, pay and bank on one intuitive platform and with one trusted brand. Over 250,000 global retail partners, including H&M, Saks, Sephora, Macys, IKEA, Expedia Group, Samsung, ASOS, Peloton, Ralph Lauren, Abercrombie & Fitch, Nike and Shein have enabled Klarna’s innovative shopping experience online and in-store.
Klarna is one of the most highly valued private fintechs globally with a valuation of $45.6 billion. Klarna was founded in 2005, has over 4,000 employees and is active in 17 markets. Klarna has been backed by Sequoia Capital since 2010 and more recently, SilverLake, Dragoneer, Bestseller Group, Permira, Ant Group, HMI Capital, TCV, NorthZone, Commonwealth Bank of Australia, Merian Chrysalis Investment Company Limited, funds and accounts managed by BlackRock amongst others.