Klarna has begun trading its shares on the US stock market in a major public debut for the buy now, pay later giant.
The company fetched a valuation worth about 15.1 billion US dollars (£11.1 billion) following an initial public offering (IPO) on the New York Stock Exchange on Wednesday.
Its IPO was priced at 40 dollars (£29.50) per share, above the forecast range of 35-37 dollars (£25.80-£27.30).
This resulted in it raising 1.37 billion dollars (£1 billion) from the share sale.
It makes it one of the biggest flotations to occur this year, alongside debuts from the likes of software company Figma and payment technology firm Circle Internet Group.
Klarna was founded 20 years ago in Sweden and has grown rapidly around the world.
It says it is used by some 111 million consumers globally and its flexible payment options are offered by retailers at checkouts including John Lewis, Asos, Argos, Ticketmaster, and Booking.com.
Its credit options include buy now, pay later – where shoppers can pay 30 days after making a purchase – or split the cost over three interest-free instalments.
It also offers financing where payments can be spread out over a longer period and are charged interest. Consumers can face late fees and debt collection if they miss a payment.
Demand for flexible payments has soared in recent years, while rival providers like Clearpay and US-listed competitor Affirm have entered the market.
The buy now, pay later market has also come under scrutiny for enabling unregulated borrowing, but new standards designed to protect shoppers are due to come in from next year.
Chief executive and co-founder Sebastian Siemiatkowski told staff that “going public in New York is huge”, writing in an internal message: “It’s not just a milestone; it’s a statement.”
He added that the IPO was “fuel for us to keep disrupting, keep innovating, and keep making life easier for millions of people”.
