蘑菇AV

The news: Klarna is seeking a valuation of up to $14 billion in its coming IPO, per filings with the Securities and Exchange Commission. The BNPL provider will list with the New York Stock Exchange under the ticker symbol KLAR. The stock price at IPO is anticipated to be between $35 and $37 per share. Our take: Klarna is hoping its IPO can capture investors鈥� hunger for high-growth tech stocks after a period of uncertainty. Fueled by its partnerships and card launches, Klarna is setting itself up to challenge Affirm on US BNPL spend.

The news: Klarna, Affirm, and Zip will be available as autofill payment options through Google Pay on Chrome for cart sizes of $35 or more. Our take: Increasing the ease and availability of a payment method for US consumers can increase volume for BNPL providers and Google.

The news: Klarna might push its IPO date up as late as September, per a report from Bloomberg. Our take: Whenever Klarna schedules its IPO, it can bank on the strength of its partnerships鈥攍ike DoorDash, Walmart, Stripe, and Walmart鈥攖o sustain its growth. Fintechs have faced a tough environment for IPOs ever since the high-water mark of 2021. Firms are now required to demonstrate better pathways to profitability before going public. However, despite tariffs and geopolitical disturbances, fintechs have the ability to outperform expectations: Take Circle鈥檚 blockbuster IPO back in June. With investors hungry for AI-focused companies, Klarna may be well positioned to ride the wave of its peers鈥� earlier success in the market.

The news: Klarna and Afterpay will not share the majority of their consumers鈥� loan information with credit bureaus until they can receive confirmation that their customers will not be penalized for seeking buy now, pay later (BNPL) plans. Our take: Affirm鈥檚 early plunge into credit reporting has been blunted against its competitors鈥� refusal to participate in the system, but it still takes the reputational lead in terms of being a 鈥渢rustworthy鈥� provider.

The news: Klarna is now available in-store at over 400 Walmart Canada locations. Canadian Walmart shoppers can scan a QR code at assisted lane checkouts to choose between Pay in Full or Pay in 4. Only purchases over CAD 50 will be eligible for Klarna鈥檚 financing. Our take: Klarna鈥檚 partnerships with Walmart in the US and Canada are major coups for the BNPL player. Affirm鈥檚 dominance stateside is driven by its strategic partnerships and strong Affirm card adoption. Klarna should continue staking out new tie-ups with major retailers and boost Klarna card use to secure a stronger presence in Canada.

The news: Klarna partnered with Poshmark so US buyers can resell Klarna purchases on Poshmark through the Klarna app. Our take: Gen Zers have a hunger for low-cost fashion. As fast fashion brands face mounting tariff pressures, Gen Zers may turn toward resale marketplaces to some from someone else鈥檚 closet鈥攁nd use sales from their own closet to fund that shopping.

The news: Klarna will be the default payment option for Bolt鈥檚 CheckoutOS merchants, per a press release. Our take: Klarna faces multiple challenges. It has to increase its availability to US consumers while also rivaling credit cards that offer both installment plans and cash back or points that likely exceed the value of Klarna鈥檚 gift-based rewards system through Nift

The news: Klarna is pivoting toward digital banking in the US, preparing for its IPO amid growing scrutiny of the buy now, pay later (BNPL) market. This includes launching US debit cards and expanded savings offerings, with Klarna rebranding itself as a neobank aiming for a "super app" experience. Our take: This signals a broader trend of fintechs evolving into banks, intensifying pressure on traditional financial institutions (FIs) to differentiate. FIs must clarify their niche, pursue strategic scale, and accelerate digital transformation. Despite Klarna's expansion, FIs retain a key advantage: their card-based installment plans still outperform BNPL in customer satisfaction.

The news: Klarna鈥檚 revenues jumped 20% YoY to $823 million in the latest earnings released ahead of its IPO this fall. Gross merchandise volume (GMV) spiked 19% to $31.2 billion鈥攏early four times the size of competitor Affirm鈥檚 $8.6 billion. Klarna鈥檚 US GMV growth is even more impressive, at 37% YoY. Our take: Klarna will have an uphill battle if it wants to dethrone Affirm as the dominant BNPL provider in the US. Given Affirm鈥檚 recent partnership with Stripe, Klarna may not be able to rely on the fintech for such rapid growth anymore鈥攅specially considering Affirm鈥檚 more direct integrations with Stripe in-store.

The news: Affirm will be available as a payment option for in-store shoppers on Stripe Terminal for US and Canadian merchants, per a press release. Our take: Snagging a Stripe Terminal integration is a big win for Affirm. This can help expand its lead in the US, where it holds $35.69 billion in payment value鈥攁 $4 billion dollar lead over Klarna.

The news: Buy now, pay later (BNPL) firms are exhorting the Department of Housing and Urban Development (HUD) not to write new rules about how installment loan histories would affect federal home loan eligibility. Our take: BNPL providers are divided on whether furnishing their loan information supports or hurts their espoused mission for financial inclusion and helping consumers access credit. Affirm appeared the odd one out by offering more transparency about its consumers鈥� financial health. However, if HUD moves ahead with new loan eligibility rules, its customers could end up the better for it, while reporting naysayers Klarna and Afterpay will have to scramble to set up their customers for success

The news: Affirm鈥檚 gross merchandise volume (GMV) grew 43% YoY to $10.4 billion, per Q4 FY 2025 earnings (ended June 30). The buy now, pay later (BNPL) company reported strong numbers across the board. Revenues soared 33% YoY to $876 million. Active consumers increased 24% YoY to 23 million. Transactions per active customer grew 19% to 5.8. The number of active merchants jumped 24% to 337,000. Our take: Affirm鈥檚 dominance in the US market is propelled by powerful Affirm Card spend鈥攚e forecast Affirm will edge out Klarna in terms of US volume by $4.7 billion. If the firm can keep growing its average ticket size, it could carve out a healthy niche in the consumer credit market: purchases that are too small to jump through the hoops of securing a personal loan but too large to pay off in one month on a credit card balance.

The news: Google Pay added Klarna to its in-app BNPL roster of Affirm, Zip, and Afterpay. Our take: Klarna鈥檚 late adoption of a physical card like Affirm鈥檚 Affirm Card in the US set the BNPL provider back in terms of capturing a wider user base and payment volume. Integrations like Google Pay and Apple Pay can help overcome that gap鈥攖hough Affirm also has partnerships with both Google Pay and Apple Pay.

The news: Klarna will offer unlimited 5G data, talk, and text for $40/month with coverage on AT&T鈥檚 network in the US, per a press release, with plans to expand this deal to the UK and Germany soon. Our take: Klarna鈥檚 ambitions to be a BNPL provider, a mobile phone service, a neobank, and most recently鈥攁ccording to CEO Sebastian Siemiatkowski鈥斺�渁 digital financial assistant,鈥� per CNBC, signals the company鈥檚 voracious appetite to be everything at once.

The news: Sezzle debuted a suite of payment and deal-hunting features, per a press release. Our take: Sezzle needs to find any kind of foothold in the BNPL space, as its market share is massively outstripped by competitors like Klarna and Affirm.

The news: Klarna partnered with Nift, a gift platform, to offer 鈥済ift鈥�-style rewards for customers鈥� BNPL purchases. Our take: Until they can close that gap, BNPL players will struggle to attract a meaningful share of shoppers. It鈥檚 one reason we forecast BNPL user growth will slow every year through 2029.

Companies like Klarna and StubHub are loading IPO documents with AI buzzwords, risking SEC scrutiny and signaling a growing AI bubble driven more by marketing than substance.