Neobank Product Periodical: Klarna Powers Apple’s Device Leasing; Block Launches Buzz

Research evidence excerpt

Neobank Product Periodical: Klarna Powers Apple’s Device Leasing; Block Launches Buzz

J P M O R G A N North America Equity Research

31 July 2026

Neobank Product Periodical

Klarna Powers Apple’s Device Leasing; Block Launches

Buzz

We continue with the latest edition of our Neobank Product Periodical, Payments, Processors & IT Services

AChighlighting notable product launches and strategic partnerships across leading Tien-tsin Huang, CFA

fintechs and incumbents. This month, we flag key coverage names (AFRM, (1-212) 622-6632

CHYM, KLAR, PYPL, XYZ) with notable developments spanning: 1) Apple tien-tsin.huang@jpmorgan.com

launching an Upgrade device leasing program in partnership with Klarna; 2) Block Connor Allen AC

launching Buzz, an open-source collaboration platform where humans and AI (1-212) 270-2895

agents work together; 3) Venmo refreshing Stash rewards and shifting cash back connor.allen@jpmorgan.com

toward a more spend-based earn model (vs. merchant-specific offers); 4) Square Brendan Biles

rolling out new AI-driven discovery and ordering capabilities for sellers via Order (1-212) 270-0880

brendan.biles@jpmorgan.com

by Cash App; and 5) Klarna applying to establish an FDIC-insured U.S. bank in

Charles Pearce, CFAUtah. Overall, this month we see neobanks expanding to new verticals and

(1-212) 622-4368

integrating AI to capture more spend and support a wider product roadmap. Details charles.pearce@jpmchase.com

within.

Abbey Hochreiner

• Coverage to Note. AFRM, CHYM, KLAR, PYPL, XYZ. (1-212)abbey.hochreiner@jpmchase.com270-5798

• Product/Partnership Spotlights. 1) Apple launches an Upgrade device J.P. Morgan Securities LLC

leasing program with Klarna; 2) Block launches Buzz, an open source

collaboration platform where humans and AI agents work together; 3) Venmo