Yazılar

Blockchain Lender Figure Raises $787.5 Million in U.S. IPO at $5.3 Billion Valuation

/in /tarafından

Figure Technology, a blockchain-based lender and stablecoin issuer, raised $787.5 million in its U.S. initial public offering on Wednesday, marking one of the year’s largest debuts from the crypto sector as digital assets gain wider mainstream traction.

The New York-based company and its investors sold 31.5 million shares at $25 each, above the raised price range of $20–$22. The deal valued Figure at $5.29 billion. Originally slated to offer 26 million shares, the firm boosted the size of the sale on Tuesday amid strong demand.

Shares will begin trading Thursday on the Nasdaq under the ticker FIGR. Goldman Sachs, Jefferies, and BofA Securities acted as lead underwriters.

Figure’s Business

Founded in 2018, Figure uses blockchain technology to connect lenders and borrowers, particularly in the housing market. According to its filings, the company can fund home equity loans in just 10 days, compared to the industry average of 42 days.

The IPO also drew interest from major investors. Billionaire Stanley Druckenmiller’s Duquesne Family Office indicated plans to purchase up to $50 million worth of shares.

Crypto Momentum

The listing comes as the crypto sector surpasses $4 trillion in market value, boosted by regulatory wins under a pro-crypto White House, corporate adoption of digital assets, and strong inflows into crypto-linked ETFs.

Figure joins a wave of companies going public in what is shaping up to be one of the busiest weeks for U.S. IPOs in years. Swedish fintech Klarna jumped 30% in its New York debut earlier the same day, while Gemini, Via, and Black Rock Coffee are expected to price offerings next.

Klarna Valued at Nearly $20 Billion in Strong NYSE Debut

/in /tarafından

Klarna made a powerful entrance on the New York Stock Exchange, with shares surging 30% in their debut to $52, well above the IPO price of $40. The rally valued the Swedish buy-now, pay-later (BNPL) fintech at $19.65 billion, capping a long-awaited U.S. listing and signaling renewed momentum in the IPO market.

The company and its investors sold 34.3 million shares, raising $1.17 billion for selling shareholders including Sequoia Capital and Heartland A/S, while the IPO itself valued Klarna at $15.1 billion. CEO Sebastian Siemiatkowski, who owns about 7% of the firm, did not sell shares.

The listing is the largest by a Swedish company since Spotify in 2018 and leads a busy IPO week, with seven firms — including the Winklevoss twins’ crypto exchange Gemini — preparing to go public in New York. Analysts say Klarna’s successful debut could encourage more fintechs to test the market after years of tariff-driven volatility and stalled listings.

Founded in 2005, Klarna helped pioneer BNPL, allowing customers to pay for online purchases in installments. Once valued at $45.6 billion in 2021, Klarna saw its worth slump to $6.7 billion in 2022 amid inflation and higher rates. The IPO signals a rebound as investors reassess BNPL’s role in a consumer market strained by sticky inflation and slowing income growth.

Klarna’s U.S. rival Affirm holds a $29 billion valuation and reported a much higher average order value of $276, compared with Klarna’s $101. While Affirm targets larger purchases with longer financing, Klarna has focused on short-term, smaller-ticket loans.

Chief Financial Officer Niclas Neglén called the IPO “an opportunity for new shareholders, our 111 million consumers and others to really partake in that journey to disrupt the financial services industry.”

The IPO may act as a bellwether for BNPL’s prospects. As analyst Brian Jacobsen put it: “Klarna’s IPO will be a thermometer, showing how hot, or not, investors think BNPL will be.”

Klarna Shifts AI Strategy From Cost-Cutting to Growth After U.S. IPO

/in /tarafından

Swedish fintech Klarna is recalibrating its use of artificial intelligence, shifting from aggressive cost-cutting to enhancing customer services and long-term growth. CEO Sebastian Siemiatkowski told Reuters that while AI had helped streamline operations, the company “probably over indexed” on savings and is now focused on improving its products and merchant offerings.

The comments came as Klarna debuted on the New York Stock Exchange on Wednesday. Its shares opened at $52, a 30% jump above the $40 IPO price, giving the buy-now, pay-later lender a market capitalization of $19.7 billion. The IPO raised $1.37 billion, valuing Klarna at around $15 billion and marking the largest U.S. market debut by a Swedish firm since Spotify.

Klarna has leaned heavily on AI in recent years, cutting staff from 5,000 to 3,800 and using chatbots to replace 700 customer service roles. The company said AI had slashed customer query resolution times from 11 minutes to just 2 minutes. It also experimented with an AI avatar of Siemiatkowski for earnings presentations and even launched a hotline where customers could speak to an interactive version of the CEO.

However, the company has since realized that cost savings alone—like the $2 million saved by replacing Salesforce with in-house AI data tools—carry little weight with investors. Instead, Klarna is refocusing on growth, customer satisfaction, and productivity. Siemiatkowski emphasized that investors “are going to look for growth, and they’re going to look to what we offer our customers and how that’s doing.”

The company, now hiring again with more than two dozen job openings, sees AI as a tool for scaling services rather than just trimming expenses. CFO Niclas Neglen stressed that AI’s role “is definitely not just a cost play… it’s going to help us provide better services to consumers and merchants over time.”

Siemiatkowski, who holds about 7% of Klarna, did not sell shares in the IPO. Reflecting on the milestone, he compared it to a wedding: “It’s a big party and then life goes on, and you get kids and other things happen.”