20-year-old fintech Klarna finally went public. Here's who's getting rich.

"Two decades after its founding, Klarna has gone public, and its investors are finally seeing a windfall. The Swedish "buy now, pay later" company listed on the New York Stock Exchange on Wednesday. Its stock popped 30% on its debut, jumping above its $40-per-share IPO price to $52 a share. That IPO price gave Klarna a $15.1 billion valuation and netted Klarna $1.37 billion."

"Per Pitchbook, Klarna had raised $3.85 billion in its history before the public listing. Klarna's IPO has been a long time coming. Founded in 2005, the consumer payments company first hinted at an IPO in 2019, telling Bloomberg it could go public in the next one to two years. Klarna had reportedly planned to go public earlier this year, but delayed its IPO efforts after Trump's Liberation Day tariffs roiled the markets."

"Klarna's IPO price represents a major markdown from its peak valuation, however. The company raised $639 million in 2021 at a $45.6 billion valuation, but slashed its valuation a stunning 85% to $6.7 billion the next year as the fintech sector stumbled on rising interest rates and worsening investor sentiment. Klarna chairperson and former Sequoia Capital Michael Moritz criticized the company's other investors at the time."

Klarna listed on the New York Stock Exchange at a $15.1 billion valuation after pricing its IPO at $40 per share and raising $1.37 billion, with shares jumping 30% to $52 on debut. The company had previously raised $3.85 billion privately and first signaled potential public plans in 2019. Planned earlier IPO efforts were delayed amid market turmoil tied to tariffs. Klarna's public valuation is a steep decline from its 2021 peak, when it raised $639 million at a $45.6 billion valuation, later slashing valuation by about 85% to $6.7 billion. Board criticism targeted prior investor behavior during the markdown.

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