A power electronic converter includes a plurality of converter cells, each comprising an inductive power transfer stage having a coupled inductor coupling first and second sides of the converter cell, wherein the inductor comprises a first winding around a first magnetic core and a second winding around a second magnetic core; wherein the first winding and the first magnetic core are separated from the second winding and the second magnetic core by a flat electric insulation layer that provides electric insulation between the first and second sides of the converter cell; wherein at least two of the coupled inductors are arranged so that their insulation layers form a single contiguous insulation layer.