Buy Now, Pay Later Firm Klarna Files US IPO Prospectus

Takeaways from the Key Takeaways

• The Fintech firm Klarna Group filed its prospectus to make an initial public offering in the United States, despite fears of a recession roiling the stock market.
• The company, founded in Sweden and redomiciled to the U.K. last year, applied to list on the New York Stock Exchange under the symbol "KLAR."
• Bloomberg reported earlier this month that Klarna aimed to achieve a valuation greater than $15 billion for its New York listing. 

The fintech firm Klarna Group, which plans to list in the U.S. market despite recession fears, has filed a prospectus for an initial public offer (IPO).

The Buy Now, Pay Later company (BNPL) filed a registration with the U.S. Securities and Exchange Commission on Friday. The company, founded in Sweden and redomiciled to the U.K. last year, applied to list on the New York Stock Exchange (NYSE) under the symbol “KLAR.” The company is still deciding on the number and price range of shares. 

Klarna began the IPO process last November with the SEC through a confidential filing. This allows companies to shield information from the general public until they are closer to joining a stock exchange. Klarna reported that it valued itself at $6.7 billion by July 2022. This is a sharp drop from $45.6 billion just a year before. PayPal (PYPL), Block’s Afterpay Block (XYZ), and Affirm (AFRM) are among the major BNPL competitors.

Bloomberg reported earlier this month that Klarna aimed to achieve a valuation greater than $15 billion for its New York listing.