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Published on
August 26, 2025
5 min read
Klarna Plans U.S. IPO for September 2025 at $13 to $14 Billion Valuation
Swedish digital bank Klarna says it will restart its IPO plans in the U.S. in September 2025. According to Reuters, Klarna’s U.S. IPO will be based on a $13 to $14 billion valuation. In March 2025, Klarna announced that it had filed an application to go public with the U.S. Securities and Exchange Commission (SEC).
However, like several other fintechs, the company suspended the IPO plans a month later after sweeping tariffs introduced by the U.S. government rattled markets globally. Initially, the fintech company planned to go public in 2021.
Klarna September IPO Valuation
As Klarna prepares to debut the stock market next month, sources close to the company say the fintech could price its shares between $34 and $36 as soon as this week. This pricing would represent a sharp drop from the $50 billion valuation the company was targeting in 2021.
It would also be less than the amount the company was aiming to raise at the beginning of this year. In March 2025, Klarna said it would file a U.S. IPO at a $15 billion valuation as it sought to raise close to $1 billion through the offering.
Although fintech has not confirmed how much it will be seeking to raise this time, sources say it may be looking to raise a similar amount at the now reduced valuation.
U.S. Market Enthusiasm
Klarna’s decision to resume the IPO plan aligns well with the improvements witnessed in the equity markets. In recent months, robust debuts from new issuers have renewed IPO enthusiasm in the US market.
In July 2025, collaborative design platform Figma filed for an IPO in the U.S, a year after its $20 billion acquisition by Adobe flopped. Figma issued 37 million shares as it sought to ride the surging tech listing wave. The cloud-based design firm targeted a $16.4 billion valuation when it listed on the New York Stock Exchange.
Circle, the stablecoin company, also listed in the U.S. recently. Both Figma and Circle had their share prices surge way above their IPO prices just days after stock market debut. According to Reuters calculation, 20 largest U.S. IPOs have averaged a 36% price surge on the first day.
Reshaping Internet Shopping
Klarna has reshaped internet shopping through its short-term financing model. According to PYMNTS, the digital bank holds a 26.2% share of the buy now, pay later market in the U.S., which is the largest in the country. Klarna plans its IPO debut at a time when buy now, pay later offers have gained popularity among American consumers, particularly people who live paycheck to paycheck.
“These consumers see more of their paychecks eaten up by increases in housing, grocery and insurance expenses. Splitting a $300 unexpected medical bill or a $400 utility expense across a few pay cycles makes it manageable without taking on revolving debt, borrowing from family or friends, or worse. For these households, installments provide structure and stability amid irregular incomes and rising fixed costs,” PYMNTS CEO Karen Webster wrote last month.
On August 14, 2025, Klarna reported a 20% growth in its second-quarter revenue compared to the same period last year. The company reported $823 million revenue for the April-June quarter with adjusted operating profit reaching $29 billion. The fintech firm also said that its customer base grew by 31% YoY to reach a high of 111 million.
