US listing: Klarna said it had filed confidential paperwork with the Securities and Exchange Commission
Buy now, pay later giant Klarna has unveiled plans to list in the US after a tumultuous period that has seen its value plummet due to rising interest rates.
The Swedish firm said it had filed confidential paperwork with the Securities & Exchange Commission, America’s financial watchdog, but did not provide details about a possible value or when a listing would take place.
It follows a volatile few years for Klarna, which in 2021 was Europe’s most valuable start-up at £36.2billion as a boom in online shopping fuelled by the pandemic saw demand soar.
But the firm, which lets users delay or split the cost of purchases into instalments and has recruited celebrities such as Paris Hilton to front its adverts, saw its value crash to £5.3billion the following year as rising inflation and interest rates put the brakes on consumer spending.
Klarna’s valuation at listing has not been disclosed but reports suggest it could be up to £16billion.
The decision to make its debut in New York is a big blow for European stock markets and follows a similar move by fellow Swedish group Spotify in 2018.
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