Swedish fintech Klarna made its stock market debut on the New York Stock Exchange, raising $1.37 billion (€1.26bn) in its IPO. Shares were priced at $40 at the start, advancing 14.6 percent to close at 45.82 after the first day.
The deal gives Klarna a market capitalization of around $15 billion. CEO Sebastian Siemiatkowski, who did not sell any shares in the offering, said: “Our IPO isn’t just a milestone; it’s proof that a bunch of stubborn dreamers from Stockholm can take on the world — and win.”
The listing comes as Klarna shifts its strategy on artificial intelligence, moving from a focus on cost-cutting to growth. After reducing its workforce from 5,000 to 3,800 over the past two years, the company now plans to invest in AI to improve customer and merchant experience, while selectively rehiring.
The IPO highlights renewed investor interest in fintechs after a muted period for tech listings. Still, challenges remain: Klarna reported an operating loss of $52 million in the second quarter, even as revenues grew.
