Swedish fintech company Klarna Bank AB, once the most valuable startup in Europe, has begun negotiations with investment banks over a potential listing in the United States, which could take place as early as the third quarter of 2024 and become one of the largest IPOs this year. Bloomberg reports this, citing its own sources. According to them, Klarna is targeting a valuation of around $20 billion.
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Timing and other details may change as negotiations continue, the agency noted. Klarna declined to comment.
Klarna co-founder and CEO Sebastian Siemiatkowski said in January that an IPO in the US would likely happen “fairly soon” as the country is Klarna's largest market by revenue with more than 37 million customers. . The comments came as the company posted its first profitable quarter after nearly four years of losses. Klarna has been profitable in the US for four consecutive quarters.
Klarna, which allows you to pay in equal installments, launched in 2005. It is used by 150 million people, of which 37 million are in the United States. For the first time, Klarna became the most valuable fintech company in Europe in August 2019 with a mark of $5.5 billion. In 2021, investors valued it at $46 billion, but in a new round of investments in the summer of 2022 it was valued at only $6.7 billion.