Here are the five fintechs that could be next to 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.
secondary share sale, valuing the company at $91.5 billion — close to its peak valuation of $95 billion, which the company 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.
told the 20VC podcast that it was “just not rational” to go public in the U.K.
$5.9 billion valuation in a secondary share sale, British digital bank Monzo is another contender for the public markets.
A report surfaced earlier this year from Sky News that said Monzo had lined up bankers to work on an IPO that could take place as early as the first half of 2026.
However, in a fireside discussion moderated by CNBC at SXSW London, Monzo CEO TS Anil said that an IPO is “not the thing we’re focused on right now” — it’s worth noting though that this was back in June.
“The thing we’re focused on is scale the business, continue to grow it, double it again, reach more customers, build more products, continue to drive great economic outcomes on the back of that,” Anil said at the time.
Anil wouldn’t comment on where Monzo would list if it were to IPO, but he stressed the firm was “deeply committed” to being globally headquartered in London.
Bloomberg reported that Starling had hired Jody Bhagat, former president of global banking at software firm Personetics Technologies, to lead the growth of its Engine technology unit in the U.S.
Starling was not immediately available to comment when asked by CNBC about its listing plans.
Last year, Starling’s CEO Raman Bhatia talked up the bank’s plans to expand globally via Engine, a software platform that Starling sells to other companies so they can set up their own digital banks.
“I am very bullish about this approach around internationalization of what is the best of Starling — the proprietary tech,” Bhatia said during a fireside chat at the Money 20/20 conference moderated by CNBC.
Starling was last privately valued at £2.5 billion ($3.4 billion) in a 2022 funding round. However, reports indicate the firm is looking to fetch a valuation of £4 billion in an upcoming secondary share sale.
