Klarna Group Plc’s journey to its highly anticipated US IPO has been anything but conventional. From boardroom clashes and job cuts to bold AI moves, the Swedish fintech giant’s dramatic rise is now set to inspire a film adaptation. A Swedish production company, known for working with Netflix, has secured the rights to bring Klarna’s story to the big screen.
The road to this week’s IPO filing was packed with twists. Klarna navigated a co-founder power struggle, tensions with major investors, and intricate financial maneuvers to solidify its position for a public debut. The IPO, expected in 2025, could value the company at up to $20 billion, a notable recovery from its last funding round but far from its $45.6 billion valuation in 2021.
“Klarna is going to be, obviously, a super large listing,” said Brad Isaac, a corporate partner at Fieldfisher. “It’s a positive development, signaling growing confidence in the IPO market.”
CEO Sebastian Siemiatkowski, holding an 8% stake, is preparing for an extensive roadshow with bankers from Goldman Sachs, JPMorgan Chase, and Morgan Stanley to pitch Klarna’s vision.
Once aimed at challenging credit card giants, Siemiatkowski now seeks to rival payment leaders like Visa and Mastercard, envisioning Klarna as the next American Express — combining lending with network operations.