Klarna and its backers are aiming to raise as much as $1.27 billion in a US IPO https://t.co/aVOGAzmepK ...

As filed with the Securities and Exchange Commission on September 2, 2025. Registration No. 333-285826 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Amendment No. 3 to FORM F-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 Klarna Group plc (Exact Name of Registrant as Specified in Its Charter) (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) England and Wales 6199 N/A (State or Other Jurisdiction of Incorporation or Organiza ...

Core Viewpoint - Klarna, the Swedish fintech giant, plans to restart its IPO in the US with a target valuation of around $13 billion, significantly lower than its previous valuation of several tens of billions [1][10] Company Overview - Klarna was founded in 2005 in Stockholm, Sweden, by Sebastian Siemiatkowski, Victor Jacobsson, and Niklas Adalberth, initially focusing on providing guaranteed payment services for online transactions [2] - The company has evolved into a comprehensive fintech platform offering payment solutions, consumer credit, and shopping services, with its core competitive advantage being the "Buy Now, Pay Later" (BNPL) payment scheme [2] Financial Performance - Klarna's revenue has shown steady growth over the past three years, with revenues of $1.904 billion, $2.276 billion, and $2.811 billion for 2022, 2023, and 2024 respectively [4] - The company has also improved its profitability, with operating losses decreasing from $980 million in 2022 to $121 million in 2024, and net losses narrowing from $1.035 billion to a profit of $21 million in the same period [4] Cost Management and AI Integration - The introduction of an AI assistant powered by OpenAI is expected to help Klarna achieve profitability by 2024, saving approximately $39 million in costs [5] - Marketing costs have also decreased significantly, from $531 million in 2022 to $328 million in 2024, while expanding its business scale and customer base [5] Valuation Fluctuations - Klarna's valuation has experienced significant volatility, peaking at $45.6 billion in June 2021 after raising $639 million from SoftBank's Vision Fund [8] - The company faced challenges due to aggressive market strategies, rising costs, and increased competition from major players like PayPal and Apple, leading to a drastic valuation drop to $6.7 billion in 2022 [9] Upcoming IPO Details - Klarna's IPO is set to determine its share price this week, with a price range of $34 to $36 per share, resulting in a valuation between $12.6 billion and $13.3 billion [10]

Group 1 - The US IPO market is expected to rebound in 2025, with 40-60 large IPOs anticipated, bringing the total to 190 and raising $35 billion [1] - Key sectors for potential IPOs include technology, fintech, and consumer goods, with Klarna and StubHub leading the way [1] - The list of companies to watch for potential IPOs in Q4 includes Avalara, Wealthfront, and Grayscale [1] - The momentum of the IPO rebound is expected to continue into 2026, with tech leaders like Databricks, Canva, and Proofpoint poised for recovery [1] Group 2 - As autumn approaches, trading activity is expected to reach its fastest pace since 2021, driven by a surge in IPO enthusiasm [2] - In August, 29 new IPO applications were submitted, with 10 seeking at least $50 million, double the number from the previous year [2] - A total of 113 US IPO companies submitted new or updated public applications in the past three months, with 15 seeking at least $50 million [2] - The thriving SPAC market is providing an alternative route for companies to go public [2] Group 3 - Technology IPOs are returning to the market at an encouraging pace, although overall activity remains below 2021 levels [4] - The pricing of tech IPOs this year has exceeded last year's levels, with many large transactions yielding substantial returns [4] - Retail investor enthusiasm for technology, fintech, cryptocurrency, and AI is driving this IPO rebound [4] Group 4 - Klarna, a leading IPO candidate, plans to raise $1 billion in its upcoming IPO, making it one of the largest IPOs of the year [5] - Other notable companies that submitted IPO applications in August include Netskope, Via Transportation, Figure, Pattern, and Gemini [5] Group 5 - Klarna offers "buy now, pay later" loans and has approximately 111 million active customers and 790,000 merchants across 26 countries as of June 2025 [7] - Klarna facilitated a total merchandise volume (GMV) of $112 billion in the 12 months ending June 30, 2025 [7]

Core Viewpoint - Affirm Holdings reported better-than-expected Q4 earnings and revenue, leading to a 10.59% increase in stock price on Friday [1]. Financial Performance - Q4 revenue grew by 33% year-over-year to $876 million, surpassing market expectations of $837 million [3]. - The company achieved a net profit of $69.2 million, compared to a loss of $45.1 million in the same period last year [3]. - Earnings per share were $0.20, exceeding market expectations of $0.11 [3]. Transaction Metrics - The total gross merchandise volume (GMV) for Q4 increased by 43% year-over-year, reaching $10.4 billion [4]. - Affirm's management stated that their execution has led to achieving operating profit in Q4 of fiscal year 2025, aligning with their previous commitments [4]. Future Outlook - For Q1 of fiscal year 2026, Affirm expects revenue to be between $855 million and $885 million, with GMV projected between $10.1 billion and $10.4 billion [4]. Market Position - Affirm's stock has risen over 40% year-to-date, outperforming the Nasdaq index's 12% increase [5]. - The company faces increasing competition in the e-commerce sector, having partnerships with Amazon and Shopify, while Walmart has shifted to competitor Klarna [5]. - Deutsche Bank raised Affirm's target price from $78 to $90, reflecting positive market sentiment regarding the company's future growth potential [5].

Secondary Market Dynamics - Secondary market concentrates on top companies due to information scarcity [2] - Over 90% of trading volume on HIVE is in the top 20 companies [3] - $61 billion in secondary market volume represents about 2% of primary unicorn valuations and a third of primary VC asset value [4] - Secondary market serves as a vital liquidity valve with potential for growth [4] IPO and Secondary Market Correlation - Strong correlation exists between primary exit activity (IPOs) and the secondary market [6] - IPO window opening likely leads to increased secondary market activity [8] - Pricing transparency fosters a symbiotic relationship between primary and secondary markets [6] Secondary Market Investors - Secondary investors have shorter timelines compared to primary venture investors [7] - Secondary market attracts family offices, pensions, and non-traditional investors [9] - A wide range of investors participate in the secondary market, including venture firms with dedicated secondary funds [9][10] Sector Focus and IPO Trends - Companies aligned with key policy priorities (crypto, fintech, defense, security) attract interest in the secondary market [11] - IPO success depends on alignment with key sectors or strong fundamentals and profitability [12][13]

Core Viewpoint - Affirm Holdings reported better-than-expected Q4 revenue and profit, leading to an 18% surge in stock price during after-hours trading [1] Financial Performance - Q4 revenue increased by 33% year-over-year to $876 million, surpassing market expectations of $837 million [1] - Net profit reached $69.2 million, a significant improvement from a loss of $45.1 million in the same period last year [1] - Earnings per share were $0.20, exceeding market expectations of $0.11 [1] Transaction Metrics - Total Gross Merchandise Volume (GMV) for Q4 grew by 43% year-over-year, reaching $10.4 billion [1] Future Guidance - Affirm projects Q1 FY2026 revenue to be between $855 million and $885 million, with GMV expected to be between $10.1 billion and $10.4 billion [1] Stock Performance - Affirm's stock has risen 31% year-to-date, outperforming the Nasdaq index, which has increased by 12% [1] Competitive Landscape - Affirm faces increasing competition in the e-commerce sector, having established partnerships with Amazon and Shopify, while Walmart has shifted to competitor Klarna [1] - The company announced a partnership with Apple last year [1]

Core Insights - Affirm's shares increased by 15% in extended trading following better-than-expected earnings and revenue for the fiscal fourth quarter [1] - The company reported a revenue increase of 33%, reaching $876 million compared to $659 million in the same quarter last year [1][3] - Gross merchandise volume rose by 43% to $10.4 billion from $7.2 billion year-over-year [1] Financial Performance - Affirm achieved a net income of $69.2 million, or 20 cents per share, a significant turnaround from a loss of $45.1 million, or 14 cents per share, in the previous year [2] - The company indicated that it reached operating income profitability in FQ4'25, aligning with its previous commitments [2] - For the upcoming first quarter, Affirm projects revenue between $855 million and $885 million, with gross merchandise volume expected to be between $10.1 billion and $10.4 billion [2] Market Position and Competition - Affirm's shares have risen 31% this year, outperforming the Nasdaq's 12% gain [3] - The company faces increasing competition in the e-commerce sector, with notable partnerships with Amazon and Shopify, while Walmart has shifted to competitor Klarna [3] - Affirm announced a deal with Apple last year, indicating its strategic partnerships in the market [3]

Investments and Acquisitions - Scale led investments in category leaders such as Billcom, Box, DocuSign, and WalkMe [1] - Salesforce expanded through major acquisitions including Slack, Tableau, and MuleSoft [1] - Anthropic's funding round reached $10 billion [1] - a16z made 72 seed investments compared to Sequoia's 27 [1] Market Trends and Dynamics - Discussion on whether SaaS apps will disappear in an AI world [1] - Analysis of the evolution of Sales Development Representatives (SDRs) due to AI [1] - Debate on who will win in the AI race: OpenAI or Anthropic [1] - Klarna's valuation experienced a wild ride, from $45 billion to $6 billion, then aiming for a $15 billion IPO [1] Leadership and Strategy - Consideration of whether Marc Benioff feels the need to acquire AI talent like Mark Zuckerberg [1] - Examination of Salesforce's learnings from Palantir on forward-deployed engineers [1] - Discussion on whether consensus investing is dangerous or the only viable strategy [1]

Market Overview - Dow futures rose by 0.03%, S&P 500 futures increased by 0.02%, and Nasdaq futures also gained 0.02% [1] Chinese Stocks - Chinese stocks experienced a decline in pre-market trading, with Alibaba down by 0.52%, Pinduoduo down by 1.01%, NetEase down by 0.67%, JD.com down by 2.07%, Tencent Music down by 1.64%, and Baidu down by 2.25% [2] Banking Sector - Deutsche Bank fell over 3% in pre-market trading after Goldman Sachs downgraded its rating from "Buy" to "Neutral" [2] - Goldman Sachs also downgraded the rating of Commerzbank from "Neutral" to "Sell" [2] Retail Sector - Morgan Stanley lowered the target price for Lululemon Athletica from $280 to $223 while maintaining a "Hold" rating [3] Technology and Internet Services - Amazon announced plans to deploy Kuiper satellite internet services in Vietnam [4] - Tesla expanded its Robotaxi service area in Austin from 91 square miles to 173 square miles and increased its Robotaxi fleet by 50% [4] - Klarna, a Swedish payment giant, may restart its U.S. IPO in September, seeking a valuation of $13 billion to $14 billion [4] Semiconductor Industry - Samsung is reportedly planning to invest in Intel's packaging business to enhance competitiveness amid TSMC's significant investments in AI chip packaging [5] - Nvidia is set to release its Q2 fiscal 2026 earnings report, with analysts warning of potential conservative guidance due to uncertainties in the Chinese market [5]