KLARNA has moved from the most valuable starting start in Europe to a lesson in how much wealth changes-and now, the long public subscription occurs at the end. The Swedish company “Buy now, or later pay”, or BNPL into a global fishing phrase and He won the hearts of General Z along the way. Now it is preparing to include stocks with an estimated evaluation of $ 14 billion, but it was a great journey to get there, including a decrease of 69 % of its body of $ 45.6 billion.
In 2021, the Swedish BNPL giant was rising in subsequent donations, and it became first The startup champion in Europe Then he only comes behind tape Between Fintechs in the world. However, the public subscription represents 14 billion dollars in the arch of a company that can easily be an other warning tale-where the evaluation decreased by up to 85 %, to 6.7 billion dollars by 2022. Clarena has cleaned his financial resources, diversified in consumer advertisements and features, and now it appears like a disciplined Fintech platform.
The company, with the support of investors including Sequoia Capital and Silver Lake, I submitted an application for the initial public offering of the United States This can come by the end of the year. It will be among the largest lists of the European Technology Company in recent years. At its peak in 2021, Clarna’s value was higher than some European banks. However, the high interest rates, the more strict regulation of BNPL services, the investor’s doubts about the unbalanced growth, Clarna reduced the operating costs, the reduction of employees, and the request for capital with fewer evaluations gradually.
In the last quarters, Clarna reported progress. The losses narrowed, and the administration has turned its focus from expanding to growth and measured profitability. Analysts say that the large merchant network and consumer adoption remain competitive advantages, although the questions are still standing about the durability of the payment model in a high environment. There Organizational depositClarna said that she was profitable during the first 14 years before expanding in the United States and other markets, and has not recorded an annual profit since 2018. Why did the value of Klarna collapsed after its profits – and why did it go towards the recovery of the apparent recovery on public markets?
1) End of low interest rates
Technical assessments have generally suffered since 2022, when the Federal Reserve has wandered interest rates strongly to combat increased inflation. Many of the excessive business models that depend on ease of credit – between them – the capital has become more expensive. The volatility of the wider macroeconomic economy was weighed on many companies that resemble Clarna, as geopolitical disorders and uncertainty in the trade policy have been collected to set a maximum investment.
Become S&P 500 Unusually focusedSometimes it leads the “seventh wonderful”, and recently the wonderful six without Timing. Nafidia It has reached the maximum market of $ 4 trillion, and it can now move the markets by virtue of tremors. Sometimes, S & P 500 Six S&P 10.
2) Consumer slowing
The American consumer is the American economy engine, responsible for two -thirds of GDP in most years. However, something funny happened in 2025, as the huge increase in building the data center associated with the artificial intelligence revolution contributed to the growth of GDP more than exit from consumers and shopping. This does not mean that building the data center is two -thirds of the gross domestic product, but it grows faster than the normal consumer, which shows signs of fatigue in the stagnant labor market and the increased inflation background.
Apollo Global Torsten Slok, chief economist at Apollo Global Torsten Slok that inflation may resume ascending ascending from the increase in 2021, which benefited from the evaluation of our highest Claarna, and seeing potential.Mount inflationOn the other hand, it may wave on the horizon. I found LindingTree 14 % of adults who used services to buy groceries in 2024 are developing to 25 % next year. Consumers may slow down, but high inflation and even recession can push them more to the purchases of financing with the help of BNPL services.
3) Organizational audit
Clarna was scrutinized by the Consumer Financial Protection Office (CFPB) during the Biden administration, which definitely prefers a stronger organization than CFPB under any Trump system. Some members of the Senate and State lawyers of the two years CFPB urged a A stronger supervisory hand With BNPL companies, the expression of fears is that low low -income consumers were at risk of targeting them.
The industry fought, with a commercial group that included Clarna CFPB prosecution at one point On the rules of “impossible” disclosure. As of 2025, CFPB has canceled the implementation of federal enforcement in BNPL, indicating a shift towards fragmented control, with expectations of more state -led regulatory measures.
Can Unicorn ride again?
Over the past two years, the company has been rebuilt with a focus on reducing losses, expanding to neighboring companies such as advertising, and working on profitability. The public subscription is expected to test the investor’s appetite for technology, which was once advancing in amazing assessments, but is now facing more traditional market auditing on margins and profits.
The list, expected in New York later this year, will remain one of the most important European technical subscriptions in the contract. Investors will closely monitor to see if the new chapter of Klarna proves that it can outperform the BNPL-or whether the two-saving fogy two wills once to restore their brilliance in the private market.
For this story, luck The artificial intelligence is used to help with a preliminary draft. Check an editor of the accuracy of the information before publishing.
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