Klarna: U.S. IPO at $14B Valuation
Klarna is a global payments and shopping platform, one of the largest players in the BNPL (Buy Now, Pay Later) segment, as well as in marketing services, B2B fintech, and neobanking. The company helps millions of users shop more conveniently and safely, while enabling merchants to boost sales through flexible payment solutions.
In 2024, Klarna achieved annual profitability for the first time since 2018, maintained strong growth in the U.S., integrated AI into its operations, and began preparing for an IPO.
Our Investment in Klarna
In June 2022, Klarna raised $800M at a $6.7B valuation — following a sharp correction from its 2021 peak of $45.6B. Axevil Capital participated in this funding round.
By mid-2024, Klarna’s secondary market shares were trading at an implied valuation of $12–14B. In 2025, the company filed with the SEC and is preparing for a NYSE listing, aiming to raise ~$1.27B at an estimated $14B valuation.
Why We Believe in Klarna’s Growth
Business model optimization: Klarna has significantly reduced expenses over the past two years and has delivered three consecutive quarters of operating profitability.
E-commerce expansion: The company is growing its premium product suite (subscriptions, B2B solutions) and implementing AI tools for personalization and efficiency.
Partnerships: Klarna collaborates with global leaders, integrating its services into the ecosystems of Stripe and Adyen, unlocking further transaction growth potential.
Scaling: Klarna is expanding in key markets, including the U.S. and Europe, where online commerce is expected to see exponential growth.
The company is finalizing its redomiciliation to the UK and aligning reporting standards with IFRS. IPO preparations and valuation recovery in 2024–2025 showcase a successful turnaround and strong long-term potential.
For Axevil Capital, this case exemplifies participation in a global fintech leader’s journey as it rebounds from market turbulence to sustainable profitability and readiness for the public markets.
