5 fintechs that could IPO after Klarna

After the Swedish payment group Klarna The initial public offer of $ 17 billion, investors think what a big name Fintech will be the next one to be public.

Klarna jumped up to 30% on the day of her New York IPO, before settling down to end around 15% more. Friday, the action decreased to $ 42.92, but is still up approximately 7% compared to its price of IPT of $ 40.

The beginnings have shown how Wall Street is increasingly welcoming lists of bumper properties. Before Klarna, the online trading platform Etoro, stablecoin transmitter Circle and crypto exchange Bullish All have become public at a positive reception of the first day.

Gemini, the exchange of crypto founded by Cameron and Tyler Winklevoss, jumped 14% in its IPO on Friday.

“I think that Klarna’s IPO would be considered positively by some of the other sellers on a scale,” Gautam Pillai, Fintech Research of the British Investment Bank Peel Hunt told CNBC.

There is a pipeline cluttered with fintech names which could be next to the IPO after Klarna. CNBC examines the most promising companies.

The Stripe digital payment company has been considered for years as a competitor in the IPO. Stripe remained a private company in the 15 years that have been founded, and the founders and brothers John and Patrick Collison have long resisted pressure to make the business public.

However, this does not mean that a stock market rating has not been in the spirit of Stripe. The collisons told employees in 2023 that Stripe would decide to become a public or allow employees to sell shares via a secondary offer over the next year.

In the end, Stripe in January opted for a sale of secondary shares, evaluating the company at 91.5 billion dollars – near its cutting -edge valuation of $ 95 billion, which the company obtained in 2021.

This does not mean that Stripe could not yet continue his debut on the stock market further. Many CEOs of the Fintech Unicorn have kept an eye on the performance of Klarna’s IPO for the signs of when will be the right time for the list.

Revolut is widely considered as a future potential candidate for Introduction on Fintech Stock Exchange. The Unicorn digital bank said last week to CNBC that she had recently given employees the possibility of selling stocks on the secondary market to a huge evaluation of $ 75 billion, which placing it above certain large British banks by market value.

“As part of our commitment to our employees, we regularly offer them possibilities to gain liquidity,” a revolut spokesman for CNBC said at the time. “A sale of secondary actions for employees is currently underway, and we will not comment before it is finished.”

The secondary tour buys a little time to stay private longer while offering staff the opportunity to leave some of their assets. At the same time, however, it now revolves one of the most precious private companies in the world.

As for the place where Revolut lists, for the moment the United States appears the most likely location. The co-founder and CEO Nikolay Storonsky spoke with frankness of his preference to register in the United States due to problems with the London Stock Exchange Market. Last year, he told Podcast 20VC that it was “simply not rational” to become public in the United Kingdom

Having recently reached an evaluation of $ 5.9 billion in a sale of secondary shares, the British Digital Bank Monzo is another competitor for public procurement.

A report has surfaced earlier this year of Sky News that Monzo had aligned bankers to work on a stock exchange which could take place from the first half of 2026.

However, in a discussion by the fireside animated by CNBC in Sxsw London, the CEO of Monzo, TS Anil, said that an IPO was “not the thing we are focusing at the moment” – it should be noted that it was back in June.

“The thing we focus on is to develop the business, to continue to develop it, to double it, to reach more customers, to build more products, to continue to generate great economic results at the rear,” said Anil at the time.

Anil would not comment where Monzo would list if he was in the IPO, but he stressed that the company was “deeply committed” to have a registered office in London.

The rival of Monzo, Neobank Starling Bank, would have considered a first public offer in the United States as part of the expansion plans there.

On Thursday, Bloomberg reported that Starling hired Jody Bhagat, former World Bank President of the Personatic Technologies Software Society to direct the growth of its engine technology unit in the United States

Starling was not immediately available to comment when asked by CNBC on his registration plans.

Last year, Starling CEO Raman Bhatia discussed the bank’s plans to develop worldwide via the engine, a software platform that Starling sells to other companies so that they can create their own digital banks.

“I am very optimistic about this approach around the internationalization of what is the best of Starling – owner technology,” said Bhatia during a fireplace conversation at the 20/20 silver conference moderate by CNBC.

Starling was for the last time evaluated by private at 2.5 billion pounds Sterling ($ 3.4 billion) in a financing cycle in 2022. However, the reports indicate that the company seeks to recover an assessment of 4 billion pounds sterling in a future sale of secondary shares.

Although a less known name, the fintech company founded in Bulgaria, Payhawk, also has ambitions for Introduction on the stock market.

The expenditure management platform was estimated at $ 1 billion in 2022 and has seen income increase by 85% in annual sliding in 2024 to 23.4 million euros ($ 27.4 million).

“We definitely see the IPO window,” PDG of Payhawk and co-founder Hristo Borisov told CNBC in an interview earlier this month. However, he stressed that “we are looking at more than a five-year horizon there”.

“If you are looking at the majority of IPOs, the majority of these IPOs are companies with 400 million to $ 500 million AC (annual recurring income),” said Borisov. “This is our goal.”

There are other fintechs that resemble contenders for the IPO potential further – but the trajectory seems less clear.

The CEO of the Blockchain Ripple company, Brad Garlinghouse, told CNBC in January of last year that the company had explored markets outside the United States for its IPO because of an aggressive regime for the application of the cryptography of the chief of former head of the security commission and the exchange committee, Gary Gensler.

This could now change thanks to President Donald Trump’s pro-Crypto position. Garlinghouse said last year, however, Ripple had put the plans on hold for an IPO. The startup was recently estimated at $ 15 billion.

Germany N26 is another competitor potential for Introduction on the stock market. The digital bank was estimated at $ 9 billion in a financing cycle in 2021.

However, he faced some backhands. The co-founder of N26, Valentin, Stalf, recently resigned as CEO after having faced the pressure of investors for regulatory failures.