Klarna went public on September 10, 2025, pricing shares at $40 and raising $1.37 billion in the process. The stock opened at $52, touched $57 during trading, then settled back to close at $45.82, giving the Swedish buy-now-pay-later company a market valuation of roughly $17 billion.
CEO Sebastian Siemiatkowski has since pointed to the US as Klarna’s fastest-growing market, with over 120 million consumers globally and 38% year-over-year revenue growth in the States. For a company that started in Stockholm and spent years building its European base across 26 countries, that’s a notable shift in center of gravity.
From BNPL to blockchain
In November 2025, the company launched KlarnaUSD, a stablecoin built on the Tempo blockchain in collaboration with Stripe and Paradigm. A month later, in December 2025, Klarna announced a research partnership with Privy to develop consumer crypto wallet infrastructure.
The US growth engine
Klarna became profitable in the US market by 2024, a milestone that likely gave the board enough confidence to push the IPO button. That 38% year-over-year revenue growth is being fueled by increasing partnerships with retailers and steady consumer adoption of BNPL services.
With a $17 billion valuation at debut, Klarna has reclaimed significant ground. The company was famously valued at $45.6 billion during the 2021 fintech frenzy before seeing that figure slashed during the 2022 downturn.
What this means for investors and the crypto angle
The KlarnaUSD launch on Tempo blockchain, with backing from Stripe and Paradigm, signals serious infrastructure commitment. The Privy partnership for wallet development suggests the company envisions a future where consumers manage both traditional payments and digital assets within a single Klarna interface.
Competitors aren’t standing still. Affirm, Afterpay (now owned by Block), and PayPal’s Pay Later all compete for the same consumer wallet share in the US.
Traders watching KLAR on the NYSE should pay particular attention to US user growth metrics and any early adoption data around KlarnaUSD, as those numbers will determine whether the market’s $17 billion bet was conservative or generous.