Washington, DC, May 3, 2021 – The Financial Technology Association (“FTA”) announced that Klarna, Truework, Nium, and Sezzle have become the newest members of the trade group. With these new members, FTA expands and deepens its broad representation of the fintech industry ranging from leaders in lending and payments to open banking, artificial intelligence (AI) and machine learning (ML), and robo-advisory. All are joined by a commitment to drive greater financial inclusion, equity, and opportunity and to advance consumer-centric regulatory frameworks that safeguard consumers and facilitate responsible innovation.
“These new member companies will strengthen the FTA’s ongoing efforts to not just tell, but show how fintech can solve policy challenges and improve financial outcomes,” said Daniel Gorfine, FTA Senior Policy Advisor. “FTA welcomes their global perspective and commitment to shared core principles, which include promoting fair, responsible, and accessible financial services.”
FTA was founded earlier this year to educate stakeholders on the importance of technology-driven innovation, specifically advancing the development of trusted, digital financial markets and services. The organization is building off its launch paper to advocate for consumer-centric policies that foster responsible fintech, including with respect to modern oversight frameworks.
“As a leading global fintech in the retail banking and payments sector, Klarna is committed to providing more flexible, innovative payment solutions for its 16 million customers in the US, and 90 million around the world. By joining FTA, we aim to further our goal to create and deliver financial products and services that are more transparent, user-friendly and beneficial to the end consumer,” said David Sykes, Head of US, Klarna. “We also look forward to collaborating and sharing best practices with other member firms who share our mission of promoting responsible financial innovation.”
“As we’ve built our identity platform, we’ve seen automated income and employment verifications provide increased financial access to a broader and more inclusive group of consumers,” said Ryan Sandler, Truework Co-Founder and CEO. “We’re excited to work together with policy makers and the FTA in breaking down structural barriers to financial independence.”
“Nium has been on the forefront of providing a simpler way for companies to connect to the world’s payment infrastructure through one API,” said Prajit Nanu, co-founder and CEO, Nium. “We power the companies and services that more than 130-million customers rely on to move money seamlessly across geographies. As a proud member of the FTA, we look forward to sharing our global perspective on innovations and policies that will empower even more people and businesses here in the U.S. and across the globe to access life-critical financial services.”
“Trusted and transparent, Sezzle gives shoppers a bridge to financial empowerment with its interest-free payment solution that is offered at over 34,000 merchants, both online and in-store,” said Sezzle President, Paul Paradis. “Sezzle uniquely serves a growing market of young, credit-skeptical consumers, by becoming their financial co-pilot and helping them on their path to building credit; all while the company pursues B-Corp initiatives to foster a purpose-driven approach to payments. By joining FTA, Sezzle is delighted to further collaborate with fintechs in this association and looks forward to shaping its future.”
Milan Dalal, FTA Senior Government Relations Advisor, noted that the new members will help advance the organization’s advocacy efforts. “We’re thrilled to have these four highly-respected companies that span the fintech ecosystem join the FTA, which is dedicated to advancing policies that provide important consumer protections while facilitating safe, inclusive, low-cost, and equitable products and services.”
More information on the association’s membership, as well as white papers and detailed policy positions can be found at https://www.ftassociation.org/.
About the Financial Technology Association:
The Financial Technology Association (FTA) is the leading trade body for the technology-centered financial services industry. FTA’s mission is to educate stakeholders on the value of fintech and advocate for the modernization of financial regulation to support inclusion and innovation. The organization is focused on proactively shaping regulations, policy frameworks, and public understanding in order to safeguard consumers and advance the development of trusted, digital financial markets and services.
We make shopping smooth. With Klarna consumers can buy now and pay later, so they can get what they love today. Klarna’s offering to consumers and retailers include payments, social shopping, and personal finances. Over 250,000 retail partners, including H&M, IKEA, Expedia Group, Samsung, ASOS, Peloton, Abercrombie & Fitch, Nike and AliExpress 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 $31 billion. Klarna was founded in 2005, has over 3,500 employees and is active in 17 countries. For more information, visit klarna.com.
Truework is a platform for employment and income verification that puts consumers in control of their personal data. Truework digitizes the verification process for HR departments, banks, and others, to make it faster and more secure for employees to get verified when applying for a loan, jobs, or apartment rental. Founded by Ryan Sandler, Ethan Winchell and Victor Kabdebon in 2017, the company is backed by Activant Capital, Sequoia Capital, Khosla Ventures, and others, and has raised $45 million to date. To learn more, visit www.truework.com.
Nium is a next-generation financial services platform that enables companies around the world to unlock new revenue opportunities and improve cash flow economics. Nium is a leader in its geographical and payment service breadth, owning licenses in the world’s largest and fastest-growing economies. Our modular platform allows banks, payment providers, travel companies, and other businesses to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally. Our proprietary set of APIs embeds financial services and can bring to life multiple B2B and B2C use cases in a matter of weeks.
Nium is part of CB Insights Fintech 250, which highlights the most promising Fintech companies globally. Today, Nium serves over 130 million customers and enables platforms to provide access to financial services to over 3 billion people across the world. For more information, visit: http://www.nium.com.
Sezzle is a rapidly growing fintech company, on a mission to financially empower the next generation. Sezzle’s payment platform increases the purchasing power for more than 2.2 million active consumers, by offering interest-free installment plans at online stores and select in-store locations. Sezzle’s transparent, inclusive, and seamless payment option allows consumers to take control over the spending, be more responsible, and gain access to financial freedom. When consumers apply, approval is instant, and their credit scores are not impacted, unless the consumer elects to opt in to credit reporting via a credit building feature called Sezzle Up.