Klarna to File for $1 Billion-Plus IPO as Soon as Next Week

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WEEKLY FUNDRAISING ACTIVITY

• Over the last week, there were 7 fintech deals in Europe, raising a total of €155 million, 2 deals each in Switzerland, Spain and the UK, as well as one deal in Germany.

?? NEWS HIGHLIGHT

• Klarna to File for $1 Billion-Plus IPO as Soon as Next Week.

Klarna Bank AB is seeking to raise at least $1 billion in a US initial public offering and is set to file publicly as soon as next week, according to people familiar with the matter.

The Stockholm-based payments business aims to price the IPO in early April, the people said, asking not to be identified as the information isn’t public. Klarna is targeting a valuation of more than $15 billion in the New York Stock Exchange listing, the people said.

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?? M&As

Founders of hospitality cash-back app cash in with seven-figure sale. The change in business model and resulting success has led to Enigmatic Smile, an Essex-based rewards and loyalty software company, acquiring Lux Rewards for an undisclosed seven-figure sum.

Alkami to acquire MANTL to expand account opening capabilities. It plans to fund the acquisition with cash of approximately $380 million and restricted stock units issued to continuing MANTL employees with an estimated value of $13 million at transaction closing.

NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS

?? NOTABLE FUNDING ROUNDS

?? Quantexa raises $175M, boosting valuation to $2.6BN.

?? Grain exits stealth with $50M to help businesses hedge FX volatility.

?? FinTech startup PassEntry raises €6.2 million to expand the issuance of digital passes.

?? Indian B2B FinTech Rupifi to raise $146m in bridge round.

?? REGIONAL HIGHLIGHTS

UK ????

Hands In secures over €1.2 million to expand split payment solutions. The FinTech innovator in split payment solutions will use the funds to expand across key sectors, enhance its technology, and scale operations to support a growing enterprise customer base.

WealthTech start-up Belong raises over ￡489k in crowdfund campaign. Funds from this round will be used to drive high-demand product enhancements, to scale customer acquisition, and to forge strategic distribution partnerships in the U.K.

Bill-split app Cino to expand to UK on €3.5 million funding round. Alongside the expansion into the UK, CEO Elena Churilova says Cino will soon launch new shared payment features and explore new verticals including B2B payments and rent. Read more

EUROPE ????

myTU raises €10m in oversubscribed series A round to accelerate growth. This new funding will support product expansion, the development of acquiring and lending services, and regulatory preparations for securing a full banking license from the Bank of Lithuania.

USA ????

Ramp nearly doubles valuation to $13bn. Ramp’s annualised revenue, a metric often used by fast-growing start-ups which multiplies the current month’s revenue by 12, is $700mn. That figure is up from $300mn in August 2023. It follows rapid growth powered by an uptick in card transactions and bill payments spending.

CANADA ????

Vault rebrands to Venn, raises $21.5m Series A. The company outlines three key objectives to come from its latest capital raise. The first is to create “a true all-in-one financial platform” through an expanded product offering, followed by the continued consolidation of “fragmented financial tools” and plans to “scale our team”.

ASIA

eCommerce FinTech Instant raises $18 million Series A. The cash is earmarked for international expansion, especially in North America and automation for online sales, while also building out the product and engineering teams.