Swedish fintech company Klarna is preparing to resume its plans for an initial public offering in the United States next month, aiming for a valuation of between $13 billion and $14 billion, according to individuals familiar with the matter. The move signals a renewed attempt by the payments provider to access U.S. capital markets after months of delay.
The company had postponed its IPO in April 2025, citing financial market turbulence triggered by new U.S. tariffs and uncertainty over global trade conditions. Klarna also weighed a U.S. listing in 2021, at the height of the fintech boom, but pulled back as sentiment toward high-growth technology companies shifted.
The renewed effort comes as IPO activity begins to recover following a slow period for listings. Recent offerings, particularly from technology firms such as Figma and Circle, have performed strongly, providing momentum for other companies to test investor appetite.
Pricing, Capital, and Valuation Shifts
Klarna’s forthcoming share sale is expected to price between $34 and $36 per share, with initial pricing discussions possibly taking place this week. The IPO is designed to raise around $1 billion in fresh capital, bolstering Klarna’s balance sheet as it expands its international operations.
The targeted valuation of up to $14 billion is a significant reduction compared to earlier expectations. The company was once valued close to $50 billion in 2021, during a surge in demand for digital payments and “buy now, pay later” (BNPL) services. Even as recently as early 2025, investors anticipated Klarna could command a valuation exceeding $15 billion. The lower valuation reflects the shift in investor sentiment and more cautious approaches to fintech stocks after periods of volatility.
Nevertheless, analysts note that Klarna remains one of Europe’s largest privately held fintech firms, and a successful listing in the U.S. would mark a milestone for the continent’s technology sector. The IPO could also serve as a bellwether for similar companies considering listings in the coming year.
Financial Results and Customer Growth
Klarna’s latest financial results highlight the company’s ability to generate growth even in a tougher environment. In the second quarter of 2025, Klarna reported $823 million in revenue, representing a 20% year-over-year increase. Operating profit reached $29 million, signaling improved efficiency and a return to profitability following earlier losses.
The company’s active customer base expanded by 31%, reaching 111 million users worldwide. This growth underscores Klarna’s broad reach in the global payments market, where its BNPL services remain popular among younger consumers seeking flexible financing options.
Despite the encouraging results, Klarna has not publicly confirmed the IPO plans and declined to comment when approached. Still, investors view the combination of revenue growth and a stabilizing profit profile as positive signals ahead of the offering.
Market Conditions And Industry Outlook
Klarna’s renewed push for an IPO comes at a moment of improved sentiment in equity markets. The broader rebound in technology listings, highlighted by the strong debuts of Figma and Circle, suggests that investors are once again willing to support companies with high growth potential, even if valuations are lower than during the previous market peak.
At the same time, competition in the digital payments sector remains intense. Firms such as Affirm in the U.S. and Afterpay, now owned by Block Inc., continue to expand, while global payment giants like PayPal and Apple are enhancing their own installment and financing services. Klarna’s IPO will be closely watched to assess whether investors believe its BNPL model can deliver sustained profits at scale.
The outcome of the offering may also influence the broader pipeline of European technology companies considering U.S. listings. A successful Klarna debut would signal that investor appetite has returned for fintech firms, even at reduced valuations, and could pave the way for other delayed IPOs to move forward.