I think it comes back to the vision that we had on that ten years ago, which was very basic, it said. In the future there will be a digital financial assistant. It will analyse your spending, let's say a mortgage, and it will say like, That's too much.I found a better offer for you. The only thing you need to do is say yes, and I'll do all that, all the paperwork and get it all done for you and save you the cost. Right.So to us, this was basically where we believed retail banking was heading. And a little b ...

Core Insights - Klarna, a leading buy now, pay later (BNPL) company, successfully completed its initial public offering (IPO) with shares closing above the IPO price on their first trading day [1][6] - The company sold 34.4 million shares at $40 each, raising approximately $200 million and achieving a market capitalization of about $17.5 billion [2][6] - CEO Sebastian Siemiatkowski described the IPO as a "very natural" step for Klarna, which aims to disrupt retail banking in the coming decades [3][4] Company Performance - Klarna's shares opened at $52, peaked above $57, and closed at $45.82 on the first trading day [2][6] - For the quarter ending June 30, Klarna reported $823 million in revenue and $31.2 billion in gross merchandise value, with 111 million active customers [9] - The company has shifted towards offering more traditional banking products as BNPL growth has slowed, diversifying its revenue streams [7] Competitive Landscape - Klarna faces competition from other BNPL providers like Affirm and Afterpay, with Affirm's market capitalization at approximately $28.8 billion [8] - Klarna's estimated value has varied significantly over the past few years, ranging from $6.7 billion to $45.6 billion [8] - While Klarna's transactions are predominantly interest-free (98%), Affirm derives about 70% of its revenue from interest-bearing products [9][10]