Klarna, the Swedish fintech leader in buy now, pay later (BNPL) services, reported a 24% increase in revenue for 2024, totaling $2.81 billion. The surge in revenue is attributed to the growing popularity of its financing model, drawing considerable investor interest and elevating its valuation from $5.5 billion to $46.5 billion within two years. As Klarna prepares for a US stock market listing amid economic uncertainty, the overall BNPL market is anticipated to exceed $160 billion by 2032, indicating a significant shift in consumer shopping preferences. The company has partnered with notable brands and aims to trade under the ticker KLAR on the NYSE.
The latest move comes as stock market volatility, driven by renewed recession fears and uncertainty over Donald Trump's tariffs, threatens to stall a recovery in the IPO market.
The BNPL market is projected to surpass $160bn by 2032, with retailers such as Walmart, Target and Amazon joining fintech firms such as Klarna, Affirm and Block to offer the service.
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