Klarna debuted on the public market in September 2025, with CEO Sebastian Siemiatkowski highlighting the United States as its fastest-growing region. The company boasts over 120 million consumers, showcasing significant growth potential.
On September 9, 2025, Klarna set its IPO share price at $40, successfully raising $1.37 billion. The shares opened strongly, trading at $52 on the first day but later closed at $45.82, leading to a market valuation that exceeds $17 billion.
What do the US numbers reveal about Klarna's performance? Klarna’s third-quarter results from 2025 report an impressive 43% increase in Gross Merchandise Volume within the US. Moreover, revenue from US operations climbed by 51% year-over-year, surpassing growth in other regions. Currently, Klarna has over 118 million active global users, and recent growth figures are driving this number closer to 120 million. The company stands out in the "Pay in 4" segment, allowing consumers to divide purchases into four interest-free payments.
How are new products influencing Klarna's expansion? In July 2025, Klarna launched the Klarna Card, swiftly gaining 1 million sign-ups within just 11 weeks. By March 2026, this card had reached 5 million active users globally. Additionally, in November 2025, Klarna introduced KlarnaUSD, a stablecoin operating on the Tempo blockchain, marking the company's first venture into on-chain payments.
What implications does this IPO have for investors? Klarna's public listing signifies a pivotal moment in the buy-now-pay-later industry. Having spent years as a private entity, it faced substantial losses while scaling its user base. Going public at over $17 billion suggests that the market acknowledges Klarna's potential to evolve its growth trajectory into lasting profitability.
This development raises competitive challenges for domestic rivals like Affirm and Afterpay, as they must now defend their market share against a rapidly growing Klarna. The rapid adoption of the Klarna Card, achieving 5 million active users, likewise places traditional credit card issuers, including Visa, Mastercard, and JPMorgan Chase, on alert as transactions through Klarna bypass those companies’ interchange fees and interest income.