Swedish buy now, pay later (BNPL) Klarna has filed for an IPO, planning to list on the NYSE under the ticker “KLAR.” The company has not disclosed the number of shares or price range.

Choosing the US over Europe highlights challenges European stock exchanges face in attracting major tech firms.

Klarna’s valuation fell from US$46 billion in 2021 to US$6.7 billion in 2022 but rebounded with profitability in 2023.

Revenue grew 24% to US$2.8 billion, with an adjusted operating profit of US$181 million, up from a US$49 million loss the previous year.

Founded in 2005, Klarna offers BNPL services and operates as a licensed bank in Europe, now seeking a US banking license.

The IPO comes amid a slow recovery for tech listings, with few major US IPOs since 2021.

Market challenges include rising interest rates and volatility. The listing’s timing depends on market conditions and regulatory approvals.