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Klarna is quietly dusting off its IPO plans, with fresh talk of a New York listing as soon as September, according to people familiar with the matter.
The Swedish payments group has already filed paperwork with the U.S. Securities and Exchange Commission and is now monitoring market conditions for a go-ahead, insiders say. If greenlit, Klarna’s listing could raise more than $1 billion, targeting a valuation in the $15–20 billion range. The figure is well below its 2021 high of $45.6 billion, but a meaningful bounce from its 2022 markdown.
A memo circulated to investors and seen by several outlets suggests Klarna plans to give shareholders just 48 hours’ notice before launching the IPO.
The float, if successful, reflects Klarna’s comeback story is gaining traction after a bruising few years. Once the poster child for Europe’s “buy now, pay later” boom, Klarna suffered a dramatic valuation crash as inflation spiked, consumer appetite wobbled, and regulatory scrutiny intensified. In 2022, it was forced to raise funds at a 85% discount—down to $6.7 billion.
Klarna returned to profitability in early 2024, bolstered by cost-cutting, stronger underwriting, and a pivot toward banking services. Last year’s revenue hit $2.81 billion, and in 2025, Klarna won an Electronic Money Institution license from the UK’s FCA, expanding into debit cards and savings products.
CEO Sebastian Siemiatkowski has recast Klarna as a digital financial services hub, more akin to Chime or Revolut than a pure BNPL player. It’s a bet that Wall Street may now be ready to reward, particularly after fintech IPOs like Chime’s strong debut helped thaw investor sentiment.
Klarna originally eyed a U.S. IPO in April 2025, but pulled the plug as markets turned jittery following President Trump’s surprise tariff package.
A successful listing could bring much-needed liquidity to long-time backers such as Sequoia Capital, Silver Lake, and Commonwealth Bank of Australia, many of whom held firm through the downturn.
Still, challenges remain. Klarna’s exposure to consumer retail finance means it remains sensitive to macro headwinds, especially as U.S. regulators revisit credit rules and BNPL practices. Klarna faced criticism over transparency, defaults, and its early marketing tactics, though it has since tightened lending standards.
Earlier this year, Klarna begun a pilot launch of its first debit card in the United States, aiming to compete more directly with traditional banks as it expands beyond its buy now, pay later (BNPL) roots.
The card, built in partnership with Visa and issued through Utah-based WebBank, gives users the option to either pay for purchases immediately or spread payments over time with Klarna’s interest-free installment plans. It will work for both online and in-store transactions.
The company, which boasts more than 100 million active users globally, is testing the debit card in the U.S. ahead of a broader rollout later this year across both the American and European markets.
