Klarna and Figure Accelerate US Listing Plans as IPO Surge Intensifies

Fintech giants double down on American markets amid booming public offering momentum.

The IPO Gold Rush

Klarna's buy-now-pay-later empire and Figure's blockchain-powered lending platform now sprint toward Wall Street debuts. They're riding the biggest wave of public listings since the 2021 frenzy—back when every startup with a pitch deck thought they deserved a billion-dollar valuation.

Market Momentum Builds

Investor appetite for tech floats surges as markets hit record highs. These listings test whether fintech innovation can translate into sustainable public market performance—or just deliver another round of exit liquidity for early investors.

Wall Street's Fintech Fever

Bankers circle like sharks smelling blood in the water. Underwriting fees await whoever can package these disruptors into palatable public offerings. Because nothing says financial innovation like paying 7% in investment banking fees to list on a centralized exchange.

Klarna’s ticker may finally go live

Founded in 2005 in Stockholm, Klarna made its name by allowing online shoppers to break payments into interest-free installments, positioning itself as a consumer-friendly alternative to credit cards. It grew rapidly during the e-commerce boom of 2020 and 2021, when successive funding rounds boosted its private valuation to $45 billion.

However, by mid-2022, it recalibrated its valuation, dropping it to $6.7 billion. It initially had plans for a direct listing in 2021. However, that plan did not materialize.

The fintech took another go at it earlier this year but was forced to put it on hold in April after the volatility that hit the market following US tariffs on major trading partners.

Now, with a relatively stable market and the demand for technology stocks returning, Klarna is preparing to sell 34.3 million shares at a range of $35 to $37, raising up to $1.27 billion. If successful, the flotation WOULD mark one of the largest fintech listings since the pandemic.

Blockchain lender Figure joins queue

While Klarna embodies Europe’s push into the US market, San Francisco-based Figure highlights how blockchain finance is moving into the mainstream. The company, co-founded in 2018 by former SoFi chief Mike Cagney, operates a blockchain-native platform for lending, trading and investing in consumer credit and digital assets.

Figure plans to sell 26.3 million shares between $18 and $20, seeking to raise as much as $526 million at a valuation of just over $4 billion. The offering will be led by Goldman Sachs, Jefferies and Bank of America, with the shares set to trade on Nasdaq under the ticker “FIGR”.

The lender has distinguished itself by reducing approval times for home equity loans to around 10 days, compared with an industry average of more than 40. It also turned profitable in the first half of 2025, reporting a $29 million gain compared to a $13 million loss it recorded a year earlier.

Supporters argue that Figure reflects a maturing stage in blockchain adoption, underpinned by stronger regulation and rising institutional demand. “Investors in this space tend to be patient because they see the long-term potential,” said Jeff Zell, senior analyst at IPO Boutique.

IPO revival gathers pace

The listings by Klarna and Figure are part of an increasing pipeline. On the same day, cryptocurrency exchange Gemini, backed by the Winklevoss twins, began its own roadshow for a New York IPO that could value it at $2.2 billion.

Josef Schuster, chief executive of IPO research group IPOX, said: “With the current administration strongly supportive of the space, the (IPO) pipeline is likely to remain active for well-structured, compliance-forward players.”

For investors, the current wave offers both opportunity and caution. Klarna’s model depends on consumer spending resilience, while Figure’s fortunes are tied to the pace of blockchain adoption and regulatory stability. Market sentiment may swing on whether these offerings trade strongly in the aftermarket.

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