Klarna Expands App Features With Money Wellness Partnership

Money Wellness’ Money MOT offers users a personalized picture of their finances along with advice about everyday budgeting, making the most of their income and managing debts, the companies said in a Friday (July 3) press release. An MOT is a periodic test required in the United Kingdom in which important parts of a vehicle are checked to ensure they meet legal standards. In a Money Wellness blog post about the partnership with Klarna, the company said: “You don’t wait until there’s a problem with your car before you get an MOT. And the same principle should apply to your money.” According to Klarna’s press release, Klarna users can now access this support by speaking directly to a Money Wellness advisor, booking a call for later or completing a financial health check online through a secure link. Sebrina McCullough, director of external relations at Money Wellness, said in the release that the company aims to help people feel confident and in control of their money. “We’re delighted to partner with Klarna to make free, financial support easily accessible to customers and help more people take positive steps towards long-term financial wellbeing,” McCullough said. The PYMNTS Intelligence report “How Zillennials’ Financial Literacy Drives Their Financial Confidence” found that “exposure to financial education matters as higher financial literacy is associated with better financial outcomes.” Another PYMNTS Intelligence report, “The New Challenges Facing Finance: Algorithms, Finfluencers and the Quest for Reliability,” found millennial and Generation Z consumers want to be financially literate and improve their finances. In Klarna’s Friday press release, Abby Vickers, head of financial services U.K. at Klarna, said that the Money MOT offers practical, personalized tips to people whose finances are in great shape and those who could use some help. “We’re proud to bring the experts at Money Wellness right into the Klarna app, so a bit of help is always just a tap away,” Vickers said. PYMNTS reported in May that Klarna pushed deeper into everyday spending during the first quarter and that deposits, debit usage and point-of-sale financing are a part of the company’s growth story.