Managing personal finances can be challenging, especially for young people who are still learning the ropes of budgeting.
To help address this issue, Buddy, a budgeting app for young people, has partnered with Klarna Kosma, a fintech platform owned by the popular buy now, pay later (BNPL) provider Klarna.
The partnership will enable Buddy users to connect their bank accounts to the app and track their expenses automatically.
What is Klarna Kosma?
Klarna Kosma is an open banking fintech platform that provides access to over 15,000 banks in 27 countries through a single API. The platform is designed to enable banks, financial institutions, fintechs, and merchants to build their own apps and services.
Through this partnership, Buddy will be able to offer its users the option to link their bank accounts directly to the app. This will allow them to track their incomings and outgoings, gain insights into their spending habits, and take control of their finances.
What are the benefits of the new feature?
With the new feature, Buddy users will be able to check their account balance in real-time, monitor their spending, and set up payment reminders from within the app. This will make it easier for them to keep track of their expenses and avoid overspending.
Buddy’s Founder and CEO, Olle Lind said:
“Buddy’s mission is to empower young people with the knowledge of how to spend and save sustainably, Through this integration we’re helping individuals gain control of their finances by offering an easy-to-use, intuitive budgeting app that connects directly to their bank feed, helping them to manage their money during this difficult financial period and beyond. We’re giving users peace of mind in knowing that their Buddy app is always up-to-date, which results in much better budgeting visibility.”
Wilko Klaassen, VP for Open Banking at Klarna Kosma said:
“We are excited to be joining forces with Buddy to make budgeting simple and fun for Gen Z and millennials. With Kosma’s help, Buddy could create a more smooth consumer experience, resulting in 52% more monthly active users for the Personal Finance Management App. It’s fantastic to welcome Buddy to Kosma’s platform and we look forward to being part of their future growth and continued success, helping even more users to shore up their finances.”
Buddy is a budgeting app that was founded in 2017 and is headquartered in Stockholm, Sweden.
The app has over three million users worldwide and is the “fastest growing” budgeting app on the App Store.
Despite its success, Buddy remains a bootstrapped start-up with only four employees.
The partnership between Buddy and Klarna Kosma is set to make personal finance management easier for young people.
By connecting their bank accounts to the app, Buddy users will be able to track their expenses automatically, gain valuable insights into their spending habits, and take control of their finances.
With Buddy’s impressive growth and Klarna Kosma’s open banking platform, it will be exciting to see what the future holds for this dynamic duo.