How iBilly saw conversions hit 70% with Klarna Kosma.

Open banking helped iBilly bring its personal financial management insights to a new user base.

iBilly's vision.

Becoming a disruptive player in any industry isn’t easy — and this is especially true in financial services. iBilly wanted to create the most complete solution on the market, providing users with a comprehensive overview of their finances, offering insights into the future, and letting them keep track of budgets and savings goals. iBilly CEO Mo Radjab knew that open banking was the key to this. But connecting to thousands of banks across Europe was a daunting challenge for a lean startup. He worried that applying for licenses and integrating with so many banks would be a distraction from the company’s core mission of designing a killer spending app. With that in mind, iBilly started searching for an open banking provider and its research ultimately led to Kosma.

The Kosma connection.

Partnering with Kosma gave iBilly the banking connections it needed to move forward with its vision. Through Kosma’s single API, it gained the ability to synchronize and categorize users’ bank transactions — and freed iBilly’s team to focus on developing the app and generating smart insights into users’ actual and future financial health. Connecting bank accounts through Kosma is seamless, which means that users get to quickly discover the app’s killer capabilities. One of iBilly’s newest features highlights the innovative possibilities that open banking creates. By automatically generating a complete overview of a user’s finances, iBilly can produce a report that greatly simplifies loan and mortgage applications, for example.

Higher conversions, faster growth.

Around 70% of new users are moving forward with onboarding. Connecting bank accounts through Kosma is seamless, which means that users get to quickly discover the app’s killer features. Klarna’s strong brand recognition has also added to users’ confidence in connecting their bank accounts through iBilly.

The Kosma connection.

Thanks to its success, iBilly is now allowing users to connect one bank account for free. It continues to refine its solution and develop innovative new insights that build on the power of open banking.