Klarna’s upcoming IPO in the U.S. could reignite fintech public listings after a prolonged slowdown, according to investors and market insiders. The Swedish buy-now-pay-later giant recently filed to list on the New York Stock Exchange, aiming for a valuation of at least $15 billion. This marks Klarna’s second IPO attempt following a failed bid in 2021 when it peaked at a $45.6 billion valuation before being slashed to $6.7 billion in 2022 amid rising interest rates and market turbulence.
Experts say Klarna’s success could serve as a catalyst for other fintechs eyeing the public markets. James Wootton of Linklaters noted that a high-profile IPO could encourage others to pursue similar moves for growth or liquidity. At the height of the 2021 fintech boom, 101 companies raised nearly $297 billion via IPOs globally. However, between 2022 and 2024, only 86 firms managed to raise $32.76 billion.
The Klarna IPO is being closely watched by players like Monzo, Starling, Zilch, Ebury, and Revolut. Zilch CEO Philip Belamant confirmed plans to go public in 2026 and said Klarna’s IPO could boost investor confidence in European fintechs. Ebury, owned by Santander, is targeting a London IPO as early as June, aiming for a £2 billion valuation, depending on market conditions.
While some companies like Revolut and Zopa remain cautious, many have strong cash reserves and are strategically waiting for favorable conditions. Klarna’s choice of a U.S. listing is also sparking discussions on whether UK fintechs should consider American exchanges for better valuations.
If Klarna’s IPO is successful, it could signal the revival of fintech listings, opening the door for a wave of new offerings across the sector.


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