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September 15, 2025

The lessons of Klarna’s IPO

European investors and pensioners continue to lose out from the success of its best startups

John Thornhill

4 min read

It has been a long, messy and, at times, dramatic journey, but Klarna got there in the end. Last week, the Swedish fintech finally IPOed on the New York Stock Exchange. After its share price popped on the first day of trading, Klarna closed with a market cap of $17bn.

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John Thornhill

John Thornhill is Sifted’s founder and innovation editor of the Financial Times. He tweets from @johnthornhillft

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