Specialist merchants work on the submit for Swedish fintech Klarna, through the firm’s IPO on the New York Inventory Trade in New York Metropolis, U.S., Sept. 10, 2025.
Brendan McDermid | Reuters
After Swedish funds group Klarna’s $17 billion preliminary public providing, buyers are pondering which large fintech identify would be the subsequent to go public.
Klarna popped as a lot as 30% on the day of its New York IPO, earlier than settling to shut round 15% increased. The inventory declined additional to $42.92 by Friday however continues to be up about 7% from its IPO value of $40.
The debut demonstrated how Wall Road is changing into extra welcoming of bumper fintech listings. Previous to Klarna, on-line buying and selling platform eToro, stablecoin issuer Circle and crypto change Bullish all went public to a optimistic first-day reception.
Gemini, the crypto change based by Cameron and Tyler Winklevoss, surged 14% in its IPO Friday.
“I feel the Klarna IPO can be considered positively by among the different scaled-up distributors,” Gautam Pillai, head of fintech analysis at British funding financial institution Peel Hunt, instructed CNBC.
There is a crowded pipeline of fintech names that might be subsequent to IPO after Klarna. CNBC seems at which corporations look probably the most promising.
Stripe
Patrick Collison, chief govt 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 Photographs
Digital funds agency Stripe has for years been considered as an IPO contender. Stripe has remained a non-public firm within the 15 years because it was based, and founders and brothers John and Patrick Collison have lengthy resisted strain to take the enterprise public.
Nevertheless, that does not imply a inventory market itemizing hasn’t been on Stripe’s thoughts. The Collisons instructed workers in 2023 that Stripe would resolve to both go public or enable workers to promote shares by way of a secondary providing throughout the subsequent 12 months.
In the end, Stripe in January opted for a secondary share sale, valuing the corporate at $91.5 billion — near its peak valuation of $95 billion, which the corporate achieved in 2021.
That does not imply Stripe could not nonetheless pursue a inventory market debut additional down the road. Many fintech unicorn CEOs have been conserving an in depth eye on Klarna’s IPO efficiency for indicators of when would be the proper second to record.
Revolut
Revolut CEO Nikolay Storonsky on the Internet 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 instructed CNBC final week that it just lately gave workers the prospect to promote shares on the secondary market at a whopping $75 billion valuation, putting it above some main U.Okay. banks by market worth.
“As a part of our dedication to our workers, we frequently present alternatives for them to achieve liquidity,” a Revolut spokesperson instructed CNBC on the time. “An worker secondary share sale is at present in course of, and we can’t be commenting additional till it’s full.”
The secondary spherical buys Revolut a while to stay non-public for longer whereas nonetheless providing workers the prospect to exit a few of their holdings. On the similar time, although, it now makes Revolut one of many world’s Most worthy non-public fintech corporations.
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. resulting from points with London’s IPO market. Final 12 months, he instructed the 20VC podcast that it was “simply not rational” to go public within the U.Okay.
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 12 months from Sky Information that mentioned Monzo had lined up bankers to work on an IPO that would happen as early as the primary half of 2026.
Nevertheless, in a fireplace dialogue moderated by CNBC at SXSW London, Monzo CEO TS Anil mentioned that an IPO is “not the factor we’re targeted on proper now” — it is value noting although that this was again in June.
“The factor we’re targeted on is scale the enterprise, proceed to develop it, double it once more, attain extra prospects, construct extra merchandise, proceed to drive nice financial outcomes on the again of that,” Anil mentioned on the time.
Anil would not touch upon the place Monzo would record if it have been to IPO, however he careworn the agency was “deeply dedicated” to being globally headquartered in London.
Starling Financial institution
Raman Bhatia, incoming chief govt officer of Starling. Bhatia moved over from OVO Power Ltd., the place he was CEO.
Zed Jameson | Bloomberg | Getty Photographs
Monzo’s rival neobank Starling Financial institution has reportedly been contemplating an preliminary public providing within the U.S. as a part of enlargement plans there.
On Thursday, Bloomberg reported that Starling had employed Jody Bhagat, former president of worldwide banking at software program agency Personetics Applied sciences, to guide the expansion of its Engine expertise unit within the U.S.
Starling was not instantly obtainable to remark when requested by CNBC about its itemizing plans.
Final 12 months, Starling’s CEO Raman Bhatia talked up the financial institution’s plans to broaden 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’m very bullish about this method round internationalization of what’s the better of Starling — the proprietary tech,” Bhatia mentioned throughout a fireplace chat on the Cash 20/20 convention moderated by CNBC.
Starling was final privately valued at £2.5 billion ($3.4 billion) in a 2022 funding spherical. Nevertheless, stories point out the agency is seeking to fetch a valuation of £4 billion in an upcoming secondary share sale.
Payhawk
Saravutvanset | Room | Getty Photographs
Although a lesser identified identify, 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 positively seeing the IPO window open,” Payhawk CEO and co-founder Hristo Borisov instructed CNBC in an interview earlier this month. Nevertheless, he careworn that “we’re taking a look at extra of a five-year horizon there.”
“When you take a look at nearly all of the IPOs, nearly all of these IPOs are corporations with $400 million to $500 million-plus ARR [annual recurring revenue],” Borisov mentioned. “That is our aim.”
Some honorary mentions
There are different fintechs that appear like potential IPO contenders additional down the road — however the trajectory seems much less clear.
Blockchain agency Ripple’s CEO Brad Garlinghouse instructed CNBC in January final 12 months that the corporate explored markets outdoors the U.S. for its IPO resulting from an aggressive crypto enforcement regime beneath ex-Securities and Trade Fee chief Gary Gensler.
That might change now due to President Donald Trump’s pro-crypto stance. Garlinghouse mentioned final 12 months 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 spherical.
Nevertheless, it has confronted some setbacks. N26 co-founder Valentin Stalf just lately stepped down as CEO after dealing with strain from buyers over regulatory failings.
