Fintech companies are now focusing their fight for market share and customers online, paying social-media influencers to post endorsements across Instagram, YouTube, Snapchat and TikTok. The trend reveals a quiet shift in fintech companies' tactics; dominating platforms where big banks don’t yet play.
Scola Dondo, a UK influencer who has worked with brands like Bó and American Express, says she wouldn’t promote Klarna because she wouldn’t use it. “I personally wouldn’t use that sort of service, but influencing is all up to products that you use yourself. So I’d assume people who promote Klarna would use Klarna,” she told Sifted. Nonetheless, Dondo added that working with fintechs can be a net positive, as influencers can help teach their followers about money “[The impact] really depends on the person and your following. Personally, I’m really interested in finance. You don’t learn about it at school, so I learnt a lot of my stuff from [other] influencers.”