A violet LEGO brick, symbolizing the platformization of fintech and Stripe's and Klarna's role in it

The Platformization of Fintech: What Stripe and Klarna Do Right

Matthias Gall, co-founder of trimplement
trimplement co-founder Matthias Gall shares his thoughts on the ongoing platformization of fintech.

In the financial industry, we are never shy to celebrate a good rivalry. Neobanks compete with banks who compete with fintechs who compete with Google, Amazon or Apple who compete with each other (and WeChat). Yet, the industry has also become known for promising partnerships. Technical providers, fintech platforms, merchants, telcos etc. combine their resources and expertise. 

I can relate: Where partners with different backgrounds support each other, it’s easier to create approach problems from different angles and overcome obstacles (shoutout to my co-founders here). Likewise, partnerships between fintech companies allow them to tackle new portions of the market and improve customer experience or services – and that’s often the goal. What’s more, where technological partners join forces, we can also see huge jumps in innovation regarding infrastructure. Those companies often lay the groundwork for other companies to utilize in their products and services. 

For me, the recent co-op of fintech platform Stripe and Buy Now, Pay Later provider Klarna stands as a prime example of this later case. The cooperation of those two effectively presents a straightforward route to BNPL for single online shops and platforms. Online businesses just have to tie in the Stripe integration and their BNPL is basically ready to go. 

However, this would not be as significant, if both Stripe and Klarna had not become known for their extensive service portfolio. Stripe acts as a payment facilitator for online marketplaces while, at the same time, being a fintech platform itself. It’s an expression of a trend some in the industry call the platformization of fintech

What do I mean by that?

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