Figure and Klarna Target US Listings Amid Fintech IPO Revival

Fintech firms Figure and Klarna are preparing for US listings, signaling a tentative revival in investor appetite for high-growth financial technology and cryptocurrency companies. Wall Street banks anticipate that steadier market conditions and renewed risk appetite could rejuvenate the IPO market.

Klarna, the buy-now-pay-later giant, aims for a valuation of up to $14 billion, while Figure targets $4.13 billion. Their debuts follow successful listings by stablecoin issuer Circle and crypto exchange Bullish earlier this year, which saw robust demand.

Klarna’s journey to the public markets has been turbulent. Once valued at $45 billion during the pandemic e-commerce boom, it slashed its valuation to $6.7 billion in 2022. After postponing plans in April due to market volatility, the company now seeks to sell 34.3 million shares at $35 to $37 apiece.