The coming IPOs highlight a revival in fintech and crypto listings following Circle and Bullish.
Swedish fintech Klarna and US blockchain lender Figure are both set to test investor appetite for new public offerings in New York.
The two filings, revealed on Tuesday, suggest a tentative revival in investor appetite for high-growth fintech and crypto firms, with Wall Street banks betting that revived risk appetite and steadier market conditions can draw investors back to the listings market.
Their debuts will follow the successful debuts of stablecoin issuer Circle and crypto exchange Bullish, which drew robust demand earlier this year.
Klarna, the “buy now, pay later” (BNPL) fintech, is targeting a valuation of up to $14 billion, while Figure aims for $4.13 billion.
Founded in 2005 in Stockholm, Klarna made its name by allowing online shoppers to break payments into interest-free installments, positioning itself as a consumer-friendly alternative to credit cards. It grew rapidly during the e-commerce boom of 2020 and 2021, when successive funding rounds boosted its private valuation to $45 billion.
However, by mid-2022, it recalibrated its valuation, dropping it to $6.7 billion. It initially had plans for a direct listing in 2021. However, that plan did not materialize.
The fintech took another go at it earlier this year but was forced to put it on hold in April after the volatility that hit the market following US tariffs on major trading partners.
Now, with a relatively stable market and the demand for technology stocks returning, Klarna is preparing to sell 34.3 million shares at a range of $35 to $37, raising up to $1.27 billion. If successful, the flotation would mark one of the largest fintech listings since the pandemic.
While Klarna embodies Europe’s push into the US market, San Francisco-based Figure highlights how blockchain finance is moving into the mainstream. The company, co-founded in 2018 by former SoFi chief Mike Cagney, operates a blockchain-native platform for lending, trading and investing in consumer credit and digital assets.
Figure plans to sell 26.3 million shares between $18 and $20, seeking to raise as much as $526 million at a valuation of just over $4 billion. The offering will be led by Goldman Sachs, Jefferies and Bank of America, with the shares set to trade on Nasdaq under the ticker “FIGR”.
The lender has distinguished itself by reducing approval times for home equity loans to around 10 days, compared with an industry average of more than 40. It also turned profitable in the first half of 2025, reporting a $29 million gain compared to a $13 million loss it recorded a year earlier.
Supporters argue that Figure reflects a maturing stage in blockchain adoption, underpinned by stronger regulation and rising institutional demand. “Investors in this space tend to be patient because they see the long-term potential,” said Jeff Zell, senior analyst at IPO Boutique.
The listings by Klarna and Figure are part of an increasing pipeline. On the same day, cryptocurrency exchange Gemini, backed by the Winklevoss twins, began its own roadshow for a New York IPO that could value it at $2.2 billion.
Josef Schuster, chief executive of IPO research group IPOX, said: “With the current administration strongly supportive of the space, the (IPO) pipeline is likely to remain active for well-structured, compliance-forward players.”
For investors, the current wave offers both opportunity and caution. Klarna’s model depends on consumer spending resilience, while Figure’s fortunes are tied to the pace of blockchain adoption and regulatory stability. Market sentiment may swing on whether these offerings trade strongly in the aftermarket.
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