Klarna chooses New York over London for much-anticipated IPO

London has lost out to rivals on other blockbuster flotations including that of UK chip maker Arm, which opted to list on Wall Street in August 2023. Photograph: Andrew Kelly/Reuters

The buy now, pay later company Klarna has filed for a much-anticipated flotation in the US, a move that marks another blow for the London market.

The Swedish fintech firm confirmed on Wednesday morning that it had “confidentially submitted” an application to the US Securities and Exchange Commission “relating to the proposed initial public offering of its ordinary shares”.