Specialist merchants work on the put up for Swedish fintech Klarna, through the firm’s IPO on the New York Stock Exchange in New York City, U.S., Sept. 10, 2025.
Brendan McDermid | Reuters
After Swedish funds group Klarna’s $17 billion initial public offering, buyers are pondering which massive fintech title would be the subsequent to go public.
Klarna popped as much as 30% on the day of its New York IPO, earlier than settling to shut round 15% greater. The inventory declined additional to $42.92 by Friday however remains to be up about 7% from its IPO worth of $40.
The debut demonstrated how Wall Street is changing into extra welcoming of bumper fintech listings. Prior to Klarna, on-line buying and selling platform eToro, stablecoin issuer Circle and crypto alternate Bullish all went public to a constructive first-day reception.
Gemini, the crypto alternate based 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 analysis at British funding financial institution Peel Hunt, advised CNBC.
There’s a crowded pipeline of fintech names that could be subsequent to IPO after Klarna. CNBC seems at which corporations look essentially the most promising.
Stripe
Patrick Collison, chief government officer and co-founder of Stripe Inc., left, smiles as John Collison, president and co-founder of Stripe Inc., speaks throughout a Bloomberg Studio 1.0 tv interview in San Francisco, California, U.S., on Friday, March 23, 2018.
Bloomberg | Bloomberg | Getty Images
Digital funds agency Stripe has for years been considered as an IPO contender. Stripe has remained a personal firm within the 15 years because it was based, and founders and brothers John and Patrick Collison have lengthy resisted stress to take the enterprise public.
However, that doesn’t suggest a inventory market itemizing hasn’t been on Stripe’s thoughts. The Collisons advised staff in 2023 that Stripe would resolve to both go public or permit staff to promote shares by way of a secondary providing throughout the subsequent yr.
Ultimately, Stripe in January opted for a secondary share sale valuing the corporate at $91.5 billion — near its peak valuation of $95 billion, which it achieved in 2021.
That doesn’t suggest Stripe could not nonetheless pursue a inventory market debut additional down the road. Many fintech unicorn CEOs have been keeping a close eye on Klarna’s IPO performance for indicators of when would be the proper second to record.
Revolut
Revolut CEO Nikolay Storonsky on the Web Summit in Lisbon, Portugal, Nov. 7, 2019.
Pedro Nunes | Reuters
Revolut is extensively seen as a possible future fintech IPO candidate. The digital banking unicorn advised CNBC final week that it just lately gave staff the possibility to promote shares on the secondary market at a whopping $75 billion valuation, inserting it above some main U.Ok. banks by market worth.
“As part of our commitment to our employees, we regularly provide opportunities for them to gain liquidity,” a Revolut spokesperson advised CNBC on the time. “An employee secondary share sale is currently in process, and we won’t be commenting further until it is complete.”
The secondary spherical buys Revolut a while to stay non-public for longer whereas nonetheless providing employees the possibility to exit a few of their holdings. At the identical time, although, it now makes Revolut one of many world’s most precious non-public fintech companies.
As to the place Revolut lists, for now the U.S. seems the likeliest location.
Co-founder and CEO Nikolay Storonsky has spoken candidly about his desire to record within the U.S. as a result of points with London’s IPO market. Last yr, he told the 20VC podcast that it was “just not rational” to go public within the U.Ok.
Monzo
Having just lately reached a $5.9 billion valuation in a secondary share sale, British digital financial institution Monzo is one other contender for the general public markets.
A report surfaced earlier this yr from Sky News that stated Monzo had lined up bankers to work on an IPO that could happen as early as the primary half of 2026.
However, in a fireplace dialogue moderated by CNBC at SXSW London, Monzo CEO TS Anil stated that an IPO is “not the thing we’re focused on right now” — it is price noting although that this was again 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 stated on the time.
Anil would not touch upon the place Monzo would record if it have been to IPO, however he pressured the agency was “deeply committed” to being globally headquartered in London.
Starling Bank
Raman Bhatia, incoming chief government officer of Starling. Bhatia moved over from OVO Energy Ltd., the place he was CEO.
Zed Jameson | Bloomberg | Getty Images
Monzo’s rival neobank Starling Bank has reportedly been contemplating an preliminary public providing within the U.S. as a part of enlargement plans there.
On Thursday, (*5*) that Starling had employed Jody Bhagat, former president of world banking at software program agency Personetics Technologies, to steer the expansion of its Engine know-how unit within the U.S.
Starling declined to remark when requested by CNBC about its itemizing plans.
Last yr, Starling’s CEO Raman Bhatia talked up the financial institution’s plans to develop globally by way of Engine, a software program platform that Starling sells to different corporations to allow them to arrange their very own digital banks.
“I am very bullish about this approach around internationalization of what is the best of Starling — the proprietary tech,” Bhatia stated throughout a fireplace chat on the Money 20/20 convention moderated by CNBC.
Starling was last privately valued at £2.5 billion ($3.4 billion) in a 2022 funding spherical. However, reviews point out the agency is looking to fetch a valuation of £4 billion in an upcoming secondary share sale.
Payhawk
Saravutvanset | Room | Getty Images
Though a lesser recognized title, Bulgaria-founded fintech agency Payhawk additionally has IPO ambitions.
The spend administration platform was valued at $1 billion in 2022 and noticed income surge 85% year-over-year in 2024 to 23.4 million euros ($27.4 million).
“We’re definitely seeing the IPO window open,” Payhawk CEO and co-founder Hristo Borisov advised CNBC in an interview earlier this month. However, he pressured that “we are looking at more of a five-year horizon there.”
“If you look at the majority of the IPOs, the majority of those IPOs are companies with $400 million to $500 million-plus ARR [annual recurring revenue],” Borisov stated. “That’s our goal.”
Some honorary mentions
There are different fintechs that seem like potential IPO contenders additional down the road — however the trajectory seems much less clear.
Blockchain agency Ripple’s CEO Brad Garlinghouse advised CNBC in January final yr that the corporate explored markets outside the U.S. for its IPO as a result of an aggressive crypto enforcement regime below ex-Securities and Exchange Commission chief Gary Gensler.
That could change now due to President Donald Trump’s pro-crypto stance. Garlinghouse stated final yr although that Ripple had put any plans for an IPO on maintain. The startup was most just lately valued at $15 billion.
Germany’s N26 is one other potential IPO contender. The digital financial institution was valued at $9 billion in a 2021 funding round.
However, it has confronted some setbacks. N26 co-founder Valentin Stalf just lately stepped down as CEO after going through stress from buyers over regulatory failings.