Klarna is currently serving approximately 85 million active consumers and over 575,000 merchants across 26 countries. Credit: NRSPro/Shutterstock.

Swedish buy now pay later (BNPL) player Klarna has confidentially filed a draft Registration Statement on Form F-1 with the US Securities and Exchange Commission (SEC), indicating its plans for an initial public offering (IPO).  

The timing of the offering remains subject to the SEC review process and market conditions.  

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This announcement comes as Klarna’s valuation soared from $5.5bn to $46.5bn within two years approximately, following three substantial funding rounds between mid-2020 and 2021, reported Reuters. 

For the first-half of 2024, Klarna reported an adjusted first-half profit of 673m Swedish crowns ($61.74m), an improvement from a loss in the previous year.  

This profit was attributed to cost-cutting measures, including job reductions and the integration of artificial intelligence in customer services, which also contributed to a 27% increase in first-half revenue, reaching 13.3bn crowns ($1.3bn). 

The company US market performance was particularly strong, with revenue growth of 38%. Klarna has been actively expanding in the US while simultaneously streamlining operations to enhance profitability ahead of the IPO.  

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The company offers a range of payment solutions, including direct payments, pay-after-delivery options, and instalment plans, serving approximately 85 million active consumers and over 575,000 merchants across 26 countries. 

In an interview to CNBC,  Klarna CEO Sebastian Siemiatkowski has expressed concerns over European regulations on employee stock options, suggesting they could drive talent towards US tech companies. 

Siemiatkowski had previously considered London among potential IPO venues but indicated a stronger likelihood for a US listing due to greater visibility, CNBC reported. 

The decision to pursue a US listing is seen as a setback for European stock exchanges, which have been vying for local tech companies to list domestically.