Illustration: Sarah Grillo/Axios
Klarna, the Swedish buy now, pay later giant, on Friday filed for a U.S. IPO.
Why it matters: It's the first big consumer fintech to test the markets since Ibotta last April, and reportedly will seek a $15 billion valuation.
By the numbers: Klarna, which plans to trade under KLAR on the NYSE, reported a $21 million net profit on $2.8 billion in revenue for 2024, compared to a net loss of $244 million on $2.3 billion in revenue the year prior.
- It claims to have 93 million active consumers and to work with over 675,000 merchants in 26 countries.
- Klarna's valuation has oscillated wildly, reaching a peak of $45.6 billion in 2021 before plunging to $6.7 billion a year later. Shareholder Chrysalis Investments revalued the company at $14.6 billion last year.
Klarna is the largest BNPL provider in the world and is rapidly expanding to offer other financial products to its customers.
Context: Observers had feared it would be shelved in light of recent market volatility.
Follow the money: Investors include Sequoia Capital, SoftBank, Silver Lake, Dragoneer, Ant Group, Visa, Atomico, Nortzone, GIC, TCV, BlackRock, Commonwealth Bank of Australia, Mubadala, and Canada Pension Plan Investment Board.
The bottom line: Fintech IPOs have been scarce, but a successful Klarna listing could lead to more.
Ryan Lawler covers fintech dealmaking for Axios Pro Deals. Learn more
