TL;DR
Klarna filed for a US IPO in 2025 and is targeting a New York Stock Exchange listing. The Swedish buy-now-pay-later company was valued at $6.7 billion in a July 2022 down-round from a $45.6 billion 2021 peak. It returned to profitability in 2023. Market discussions have cited a $15 to 20 billion IPO valuation target. No confirmed listing date exists as of mid-2026.
Last reviewed: June 2026
Key Facts
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What is Klarna?
Klarna is a Swedish financial technology company founded in 2005 by Sebastian Siemiatkowski, Niklas Adalberth and Victor Jacobsson. It began as an invoice-based payment option for e-commerce and expanded into buy-now-pay-later (BNPL) products, allowing consumers to split purchases into interest-free instalments. Klarna operates in 45 countries and serves over 150 million consumers and 500,000 merchants globally. In the UK, Klarna is regulated by the Financial Conduct Authority as an e-money institution and is one of the largest BNPL providers in the British market. The FCA confirmed in 2024 that BNPL products would be brought into full FCA regulation, requiring affordability assessments from providers including Klarna. Klarna has stated it supports this regulatory direction. Source: FCA BNPL regulation announcement 2024 (fca.org.uk).
Products and revenue model
Klarna's offering has expanded beyond BNPL into a full consumer financial services app. Pay in 3 and Pay in 30 are the core UK BNPL products. Klarna also offers longer-term instalment financing at agreed interest rates and in some markets a full bank account linked to a Klarna Card. A shopping app with price tracking and retail media sits alongside payment products. Revenue comes from merchant fees (typically 2 to 8% of transaction value), interest on instalment products, interchange fees and, increasingly, from retail media and advertising. The company has invested heavily in AI tooling to reduce credit losses and automate customer service.
Valuation history
In June 2021, a funding round valued Klarna at $45.6 billion, briefly making it Europe's most valuable private technology company. As central banks raised rates aggressively through 2022 and appetite for loss-making high-growth fintechs collapsed, Klarna raised $800 million in July 2022 at a valuation of $6.7 billion, a fall of approximately 85% from its peak and one of the largest private market down-rounds in European tech history. The company pursued aggressive cost reduction, cutting approximately 10% of its workforce in 2022. By 2023 it had returned to profit. Pre-IPO market discussions have cited valuations in the $15 to $20 billion range. Source: TechCrunch; Reuters Klarna down-round July 2022.
IPO plans
Klarna filed a registration statement with the US Securities and Exchange Commission (SEC) in 2025, signalling its intention to list on the New York Stock Exchange. Goldman Sachs, JPMorgan and Morgan Stanley were reported as lead underwriters. The choice of New York over Stockholm or London reflects expectations of higher valuations and deeper institutional pools for consumer fintech in the US market. As of mid-2026, Klarna has not confirmed a specific listing date. Source: SEC EDGAR; Reuters Klarna IPO coverage 2025-2026.
Key risks
Credit quality is central to Klarna's risk profile. BNPL defaults rise when consumer incomes are squeezed. Elevated interest rates increase funding costs and compress net interest margins. Competition has intensified from Apple Pay Later, PayPal Pay Later and bank-embedded BNPL features. Any final IPO valuation could differ materially from pre-IPO discussions, particularly if equity market conditions deteriorate or comparable fintechs trade down.
How UK investors can get exposure
Klarna is private as of June 2026. UK retail investors cannot currently buy shares. Once listed on NYSE, UK investors with access to US-listed securities through a share dealing account or stocks and shares ISA can purchase shares, subject to broker coverage. Verify platform access before the listing occurs.
Disclaimer: This page is educational only. IPO details change rapidly. Kaeltripton Ltd is not FCA-authorised and this is not investment advice. The value of investments can fall as well as rise.
When will Klarna IPO?
No confirmed date as of mid-2026. Klarna filed with the SEC in 2025 targeting a NYSE listing, but market conditions have affected timing.
What is Klarna's valuation?
The most recent confirmed private valuation was $6.7 billion in July 2022. Pre-IPO market discussions have cited $15 to $20 billion. Actual pricing at listing could differ materially.
Where will Klarna list?
New York Stock Exchange (NYSE), based on SEC filings and public statements.
Can UK retail investors buy Klarna shares now?
No. Klarna is private. Retail investors can participate once it lists on NYSE and their broker provides access.
Sources
Klarna SEC registration statement (sec.gov EDGAR); FCA BNPL regulation 2024 (fca.org.uk); FCA Woolard Review 2022 (fca.org.uk); Reuters Klarna down-round July 2022; Reuters Klarna IPO 2025-2026; TechCrunch Klarna valuation history; Klarna AB corporate filings (klarna.com).
