Swedish buy now, pay later (BNPL) platform Klarna is preparing for its New York listing, despite a reported net loss in Q2.
The company’s plan to go public was previously delayed due to market turmoil caused by trade tariffs, but Klarna is now on track for a fall listing.
According to the Financial Times, Klarna reported a $53 million loss for the three months ending in June, an increase from $18 million during the same period last year.
Klarna is expanding its offerings, having secured an Electronic Money Institution license from the UK’s FCA in June, positioning itself to compete in the retail banking sector. The BNPL giant’s revenue has risen to $823 million this year, marking a 21% increase.
Moreover, Klarna noted a decline in credit losses, reporting 0.45% of volume this year compared to 0.48% last year. Earlier this month, Klarna’s delinquency rate on BNPL loans also showed improvement compared to previous reports.