Business Insider recently reported a blunt warning from Klarna’s chairman: at a post-IPO celebration in Stockholm he reminded the crowd that “we are 10 years behind Revolut.” On the surface that sounds shocking – Klarna is a 20-year-old Swedish fintech, and Revolut only launched in 2015. But Moritz’s message is less about age and more about how the two companies’ paths have diverged. In some ways Revolut has raced ahead into new territories, while Klarna has quietly built up its own strengths. Let’s unpack the claim and see where each really stands.

Revolut’s All-in-One Financial Platform

Revolut set out as a multi-currency card and very quickly became an all-in-one banking app. Today it offers payment accounts, debit cards, currency exchange, stock and crypto trading, insurance and even business accounts – essentially everything a customer might need from a bank.

It has secured major banking licenses so it can offer loans, savings and overdrafts, not just payments. Revolut now serves around 50 million customers across nearly 50 countries, making it Europe’s most valuable fintech.

• Breadth of Services: Revolut is more like a full digital bank or “super-app” for money, with accounts, cards, trading, insurance and more.
  
  
• Global Scale: It’s available in dozens of countries and is still growing internationally.
  
  
• Rapid Innovation: Revolut has a reputation for launching new features frequently – from stock trading to mobile phone plans.
  
  

All this growth and breadth can make Revolut feel like it’s years ahead: it’s chasing a full-service banking model and expanding on many fronts. In the last decade it has repeatedly relaunched products and moved quickly into new lines of business.

Klarna’s Consumer Fintech Dominance

Klarna’s history and focus are different. Founded in 2005 in Sweden, Klarna became famous for buy-now, pay-later (BNPL) financing. It lets shoppers pay in interest-free installments, and it’s embedded at hundreds of thousands of online stores worldwide. The company now claims about 111 million users globally – far more than Revolut has onboarded so far.

• Massive User Base: Klarna’s point-of-sale financing is hugely popular, with over 100M customers regularly using Klarna to check out at their favorite retailers.
• Deep Merchant Network: Klarna is literally built into e-commerce. Its “Pay in 4” and similar tools are offered at hundreds of thousands of online shops globally.
• Consumer-Friendly Model: Unlike a bank that earns from interest, Klarna’s typical transactions are 0% interest for customers. Its revenue mainly comes from merchant fees.
• New Services: Klarna isn’t standing still. It’s a licensed bank in Sweden and is testing new products, from debit cards in the U.S. to a mobile phone plan, as part of its broader “super app” strategy.

In short, Klarna’s strength is its scale in commerce. It has many more users and merchant relationships, and its core BNPL product is the market leader. Its early-mover advantage gave it strong brand recognition and business volume long before Revolut appeared.

Verdict: Different Champions

So, is Klarna really “10 years behind” Revolut? In a strict sense of product scope, there’s some truth: Revolut covers more of the banking spectrum right now, while Klarna mostly built its brand on BNPL. Revolut’s app today looks more like a comprehensive bank.

But looking only at features misses the picture. Klarna leads in scale and customer adoption. It has double the users of Revolut and dominates the BNPL niche that Revolut doesn’t focus on. Its early-mover advantage and brand recognition are real assets.

In practice, both companies still have plenty to prove. Klarna’s IPO reminds it to speed up innovation. Revolut’s rapid expansion comes with regulatory scrutiny and the challenge of converting users into loyal bank customers. Each has its work cut out.

The “10 years behind” line is provocative, but not absolute. Revolut may have rolled out more banking features in a shorter time, but Klarna has its own lead in users and commerce reach. They’re racing on somewhat different tracks. Klarna may be playing catch-up in some services, but it’s far from out of the fintech game – in fact, its “super app” ambitions mean it’s determined to close that gap fast.

Key takeaways for fintech startups

Here are a few lessons founders can take from the Klarna vs. Revolut debate:

• Growth paths differ: product breadth vs. user scale are both valid strategies.
  
  
• Narrative matters: being seen as “behind” can be reframed into a call for urgency.
  
  
• Regulation readiness is a competitive edge – Revolut leaned into licenses, Klarna took longer.
  
  
• Business models define resilience: merchant fees vs. banking revenues create very different risks.
  
  
• Market leadership can come from focus (BNPL) just as much as from expansion (super-app).

Final thought

Whether you’re more Klarna or more Revolut in your approach, the lesson is clear: pace, positioning, and product mix all shape how investors and customers see you.

At Your Fintech Story, we help startups find their growth narrative and strategy. If you want to build a story that attracts customers and investors, get in touch – we can help you scale smart.