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Fintech Insider Podcast by 11:FS
947. News: After Dark - Klarna files to IPO, Revolut is becoming a proper bank, and the FCA says do more AI
Mar 24, 2025
Valentina Kristensen, Director of Corporate Affairs at OakNorth, brings her expertise to discuss Klarna's exciting move to file for an IPO in NYC, emphasizing their impressive turnaround with over £200 million in profit. Alexandra Rivas-Gale, VP of Product at Clearbank, shares insights on Revolut's evolution into a full-fledged bank and the challenges they face in acquiring a banking license. Nicolas Benady, CEO of Swan, highlights the FCA's push for improved AI adoption in UK banks, revealing the regulatory hurdles that are stifling innovation.
56:25
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Quick takeaways
- Klarna's successful IPO filing signals a potential revival in fintech public offerings, driven by improved financial performance and strategic efficiency measures.
- Revolut's aggressive hiring strategy as it transitions to a full banking entity highlights its commitment to diversifying revenue and enhancing customer services.
Deep dives
Klarna's IPO: A Significant Milestone
Klarna has filed for an IPO in the US, aiming to raise over a billion dollars at a valuation of around $15 billion. This move comes after the company has rebounded from a significant loss of $244 million in 2023 to a reported profit of $24 million for 2024. The IPO is seen as a pivotal moment in a relatively quiet market for fintech public offerings, and it reflects strong fundamentals as Klarna implements efficiency measures, including leveraging AI, which led to a reduction in staff. Observers emphasize that this event could signal a turning point for the fintech sector, potentially sparking more activity in the IPO arena.
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