5 fintechs that could IPO after Klarna
Specialist traders work at the post for Swedish fintech Klarna, during the company’s IPO at the New York Stock Exchange in New York City, U.S., Sept. 10, 2025.
Brendan McDermid | Reuters
After Swedish payments group Klarna’s $17 billion initial public offering, investors are pondering which big fintech name will be the next to go public.
Klarna popped as much as 30% on the day of its New York IPO, before settling to close around 15% higher. The stock declined further to $42.92 by Friday but is still up about 7% from its IPO price of $40.
The debut demonstrated how Wall Street is becoming more welcoming of bumper fintech listings. Prior to Klarna, online trading platform eToro, stablecoin issuer Circle and crypto exchange Bullish all went public to a positive first-day reception.
Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, surged 14% in its IPO Friday.
“I think the Klarna IPO would be viewed positively by some of the other scaled-up vendors,” Gautam Pillai, head of fintech research at British investment bank Peel Hunt, told CNBC.
There’s a crowded pipeline of fintech names that could be next to IPO after Klarna. CNBC looks at which companies look the most promising.
Stripe
Patrick Collison, chief executive officer and co-founder of Stripe Inc., left, smiles as John Collison, president and co-founder of Stripe Inc., speaks during a Bloomberg Studio 1.0 television interview in San Francisco, California, U.S., on Friday, March 23, 2018.
Bloomberg | Bloomberg | Getty Images
Digital payments firm Stripe has for years been viewed as an IPO contender. Stripe has remained a private company in the 15 years since it was founded, and founders and brothers John and Patrick Collison have long resisted pressure to take the business public.
However, that doesn’t mean a stock market listing hasn’t been on Stripe’s mind. The Collisons told employees in 2023 that Stripe would decide to either go public or allow employees to sell shares via a secondary offering within the next year.
Ultimately, Stripe in January opted for a secondary share sale valuing the company at $91.5 billion — close to its peak valuation of $95 billion, which it achieved in 2021.
That doesn’t mean Stripe couldn’t still pursue a stock market debut further down the line. Many fintech unicorn CEOs have been keeping a close eye on Klarna’s IPO performance for signs of when will be the right moment to list.
Revolut
Revolut CEO Nikolay Storonsky at the Web Summit in Lisbon, Portugal, Nov. 7, 2019.
Pedro Nunes | Reuters
Revolut is widely seen as a potential future fintech IPO candidate. The digital banking unicorn told CNBC last week that it recently gave employees the chance to sell shares on the secondary market at a whopping $75 billion valuation, placing it above some major U.K. banks by market value.
“As part of our commitment to our employees, we regularly provide opportunities for them to gain liquidity,” a Revolut spokesperson told CNBC at the time. “An employee secondary…
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