Klarna Soars in $15B+ NYSE Debut — 2025’s Biggest IPO Yet

Klarna, the Swedish pioneer in buy-now-pay-later (BNPL) payments, made a splash on the New York Stock Exchange (NYSE) this week with the largest IPO of 2025, reports Al Jazeera.

The company priced 34.3 million shares at $40 each, above expectations, raising about $1.37 billion and securing a valuation above $15 billion. Klarna stock surged 30% on its first trading day, pushing its market value close to $19.65 billion.

Founded in 2005 and active in the U.S. since 2015, Klarna has grown from a small payments startup into a major BNPL player with over 111 million users worldwide. Its signature “pay-in-4” plan lets shoppers split purchases into four payments over six weeks, and it also offers longer-term financing options.

CEO Sebastian Siemiatkowski said the U.S. IPO reflects Klarna’s strategy to win over American consumers in the world’s largest credit card market, aiming to lure them away from what he calls high-interest, exploitative credit cards.

Despite regulatory concerns about consumers overspending on BNPL loans, Klarna notes that its average user balance is under $100, and its loan delinquency rates remain lower than those of credit cards.

Klarna now stands as the second-largest BNPL firm by market cap, behind U.S.-based Affirm, which is valued at around $28 billion. JPMorgan Chase and Goldman Sachs led the offering.