Klarna is preparing to resume its plans for an Initial Public Offering (IPO) on the New York Stock Exchange this autumn.
Klarna is reportedly set to list in the US in September or October this year, according to Sky News.
On July 31, it was revealed the buy now, pay later (BNPL) leader had recently met with financial advisors to discuss its listing plans. Barring instability in market conditions, it was concluded Klarna would list before the end of the year.
In a memo seen by Sky, Klarna CFO Niclas Neglen told investors that “our momentum continues to build” and reaffirmed the company’s intention to go public. He explained shareholders would be notified just 48 hours in advance once the IPO is launched.
Klarna hit pause on its IPO plans in April 2025, reportedly due to instability caused by President Donald Trump’s global tariffs. At the time, Klarna had been targeting a $15bn+ valuation but opted to halt its plans as geopolitical uncertainty disrupted investment.
Klarna has told Payment Expert it has nothing to share at this moment in time.
There has been change
Resuming IPO plans in the US may prove more complex, as Klarna returns to a market that has shifted since it last walked away.
Since Klarna delayed its IPO ambitions, the US Consumer Financial Protection Bureau (CFPB) has started preparing to overhaul the country’s open banking rulebook.
On July 29, the Bureau filed a motion to pause litigation over its personal financial data rights rule, a regulation designed to standardise how banks and fintechs share consumer data. The CFPB now intends to rewrite the rule entirely under new leadership, citing the need for a more “robust justification” and a shift in policy direction.
The rewrite creates fresh questions for digital payment firms operating in or entering the US, especially those, like Klarna, which rely heavily on user-permissioned data, embedded finance and API-based integrations.
Any change in data access requirements, aggregator liability or third-party permissions could significantly impact product design, compliance obligations or future revenue streams.
Does UK progress revive the IPO debate?
While Klarna’s IPO is likely headed to New York, recent developments may reopen the conversation around a London listing, at least in the longer term.
On July 30, Klarna Financial Services UK secured an Electronic Money Institution (EMI) licence from the Financial Conduct Authority (FCA), giving it the green light to launch new products like Klarna Balance and Klarna Account later this year.
The company will also need to comply with the UK’s forthcoming BNPL regulations, due in 2026, which will bring stricter consumer protection standards, such as upfront affordability checks and clearer disclosures.
It is safe to say that the UK offers Klarna more certainty in terms of regulations.
Especially given the CFPB’s potential move to reconsider its open banking rules, though it could eventually produce a clearer and more robust framework.
However, this possibility and the size of the US market likely mean it remains Klarna’s best shot at the best possible IPO. That’s not to say that if delays drag on, and the UK continues offering Klarna clarity, London may yet have a second chance.
