Five Fintech Firms Positioned to Follow Klarna’s IPO Footsteps

Klarna’s IPO Spurs Interest in Next Wave of Fintech Public Offerings

Swedish payments giant Klarna’s recent initial public offering (IPO) on the New York Stock Exchange, which valued the company at $17 billion, has reignited investor enthusiasm for fintech firms entering public markets. Klarna’s shares surged as much as 30% on debut before settling 15% higher than the IPO price, closing around $42.92 by the following Friday—up roughly 7% from its $40 IPO reference price.

This successful listing underscores a broader trend of Wall Street’s increasing receptiveness to fintech IPOs. Earlier in 2025, companies such as online trading platform eToro, stablecoin issuer Circle, and crypto exchange Bullish also experienced positive market debuts. Most recently, Gemini, the cryptocurrency exchange founded by the Winklevoss twins, saw its shares jump 14% on its IPO day.

Stripe: The Persistent IPO Contender

Stripe, the digital payments powerhouse founded by brothers Patrick and John Collison, has long been considered a prime candidate for an IPO. Despite remaining private for 15 years, Stripe has explored liquidity options, including a significant secondary share sale in January 2025 that valued the company at $91.5 billion—near its 2021 peak of $95 billion.

While the Collison brothers have resisted going public thus far, the company is closely monitoring market conditions following Klarna’s IPO to determine the optimal timing for a public listing.

Revolut: Valuation Soars Amid Secondary Share Sales

British digital banking unicorn Revolut recently facilitated a secondary share sale valuing the company at approximately $75 billion, surpassing several major UK banks by market capitalization. The move provides liquidity to employees while allowing Revolut to remain private longer.

CEO Nikolay Storonsky has expressed a clear preference to list in the United States, citing challenges within London’s IPO market. Revolut’s U.S. listing prospects remain strong as it continues global expansion.

Monzo: IPO Plans Balanced with Growth Focus

UK-based challenger bank Monzo, valued at $5.9 billion through a recent secondary share sale, is also eyeing an IPO, potentially as early as the first half of 2026, according to reports. However, CEO TS Anil emphasized in June 2025 that the company’s current priority is scaling the business and expanding its customer base rather than pursuing an immediate public listing.

Monzo remains committed to its London headquarters, although it has yet to clarify its preferred listing venue.

Starling Bank: Expanding U.S. Presence and IPO Considerations

Starling Bank, a competitor to Monzo, is reportedly contemplating a U.S. IPO aligned with its international growth strategy. The bank recently hired Jody Bhagat to spearhead the expansion of its Engine technology platform in the U.S., which enables other companies to launch digital banks.

Starling’s last private valuation stood at £2.5 billion ($3.4 billion) in 2022, with plans to raise its valuation to approximately £4 billion through an upcoming secondary share sale. The bank declined to comment on IPO plans.

Payhawk: Emerging Player with Long-Term IPO Ambitions

Bulgaria-based fintech Payhawk, specializing in spend management, reported an 85% revenue increase in 2024, reaching €23.4 million ($27.4 million). Valued at $1 billion in 2022, CEO Hristo Borisov acknowledged the IPO window is opening but indicated a five-year timeline before pursuing a public offering.

Borisov highlighted the importance of achieving annual recurring revenue above $400 million to $500 million before considering an IPO.

Other Potential IPO Candidates

Additional fintech firms such as blockchain company Ripple and German digital bank N26 remain potential IPO candidates, though their trajectories are less clear. Ripple has delayed IPO plans amid regulatory uncertainties, while N26 faces challenges following the departure of its co-founder and CEO amid investor pressure over compliance issues.