Klarna confirmed the submission of a confidential application to the US SEC for an initial public offering, aiming for a potential multibillion-pound valuation.
The firm's valuation plummeted by 85% in 2022 due to market challenges, leading to significant job cuts as the company sought to adapt.
Despite earlier speculation about a London listing, Klarna's decision to pursue an IPO in the US highlights further challenges for the London market.
Klarna's previous peak valuation was $46bn following its 2021 funding round, but changes in the economic climate drastically affected its market standing.
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