Wavy allows consumers from across 31 European markets to transfer money and split bills among friends, colleagues and family members.

Users will be able to connect their bank accounts or credit cards to Wavy and generate a payment link when they want to initiate a transfer and this link can be shared either via existing social media channels or directly to a Wavy user.

The launch comes not long after Klarna secured a banking licence from the Swedish Financial Supervisory Authority.

“We can offer our users the most accessible peer-to-peer payment service in Europe,” said Lamine Cheloufi, co-founder of the Cookies App and now product director at Klarna.

“Everybody can use Wavy to transact anywhere, at any time and in real time.

“The recipient of the payment receives a payment link via any social media channel and can redeem the payment without having to sign up to the service."

Payment requests can be paid by using EU-issued credit cards or SOFORT Uberweisung and are settled in real time with Wavy using 3D animated stickers to illustrate the payment purpose.

Sebastian Siemiatkowski, CEO of Klarna (pictured above), said the work of the Cookies team had impressed him so much that he wanted to work with them.

“Since then, within Klarna we have been working to develop a product that truly reflects how people live today and their social interactions.

“There are no borders in an online context, why should there be in payments?

“Klarna was founded with the goal to make online payments safe, simple and smooth, Wavy is another step on that journey.”