Swedish fintech company Klarna revealed on Friday that revenues rose 24% in 2024 as a proposal filed by the “Buy Now” (BNPL) pioneer in 2024 in 2024.
The company, which restructured its online shopping through a short-term funding model, attracted investors' attention as it increased from $5.5 billion to $46.5 billion in just two years, supplemented by three funding rounds from mid-2020 to 2021.
That revenue rose to $2.81 billion for the year ended December 31st, compared to $2.28 billion the previous year. The BNPL market is projected to exceed $160 billion by 2032, with retailers such as Walmart, Target and Amazon joining fintech companies such as Klarna, Affirm and Block to serve and attract young credit-averse shoppers.
Klarna reported a profit of $221 million, or cents per share, in 2024, compared to a loss of $244 million a year ago, or 69 cents per share.
CEO Sebastian Siemiatkowski was considering a direct list in 2021 (a route that avoids selling new stocks and traditional IPO costs).
The latest move is threatening to stop the recovery in the IPO market as the fears and uncertainties of the recession over Donald Trump's tariffs have been renewed, resulting in stock market volatility.
The company has partnered with major global brands, including cosmetics retailer Sephora, sports goods giant Nike, and rental booking platform Airbnb.
It will be trading on the New York Stock Exchange under the ticker symbol Krall. Goldman Sachs, JP Morgan and Morgan Stanley are the major underwriters.
