The Stockholm-based financial concern Klarna is according to the latest media reports on its way to listing its shares in New York within half a year.
Sebastian Siemiatkowski confirms that it is starting to come together for a decisive decision.
We have cleared the criteria for a stock listing and now it's mostly a question of timing. So we're actively working on doing everything that's needed to be able to become a public company, he says in a TT interview.
Wants to be a bank for consumers
According to news agency Bloomberg's sources, negotiations are currently being held with investors about the sale of existing Klarna shares before the listing. The target is reportedly set at over 200 billion kronor.
Klarna is undergoing a transformation before the listing. In June, it was announced that the cash solution, Klarna Checkout, which operates in a segment where competition from global players such as Stripe, Adyen, and Shopify is fierce, would be sold. This is at the same time as the company collaborates with companies around the world to offer payments through their cash solutions.
The actual payment part that merchants need, there are other actors that are better at it. Therefore, we chose to sell Klarna Checkout. We want to become more of a network and a card issuer, a bank for consumers, says Siemiatkowski.
He points out American Express (Amex) as a role model, which both issues cards and has built up a global network.
Klarna has been issuing physical payment cards linked to Visa and has also launched savings accounts. Last week, Klarna Balance, a type of transaction account with interest for deposits, transfers, and payments, as well as a new tool for managing cashback offers, was also introduced.
"Potential for growth"
Payroll accounts, mortgages, and savings can very well be included in the offer in the future, according to Siemiatkowski.
But we have chosen not to start there.
A foothold has been established on major markets such as the US, Germany, and the UK.
Now we have been profitable in the US for over a year and a half.
Geographic expansion is also a theme going forward. Increased market share in the US is a priority.
We have a lot left to do. We have incredibly much potential for growth.
The EU is also important.
We have a few smaller countries left in the EU: Estonia, Latvia, and Lithuania, and a few more – so that we cover the entire EU. Then we have the global coverage we need to be able to compete.
