Swedish fintech giant Klarna and U.S. blockchain lender Figure are set to test investor appetite with fresh stock market listings in New York, a possible revival of the months-long sleepy IPO market. The back-to-back filings on Tuesday suggest resurgent enthusiasm over fintech and crypto high-growth firms after months of suppressed activity.

Timing is everything. Wall Street banks are betting that greater market stability and growing investor risk tolerance can revive demand for public offerings. Successful IPO debuts by stablecoin issuer Circle and cryptocurrency exchange Bullish in earlier this year already set a positive trend for technology IPOs. Now, the Klarna IPO 2025 and Figure's Nasdaq listing could be a sign of a broader comeback.

Klarna IPO 2025 is looking for $14 Billion valuation

Founded in 2005 in Stockholm, Klarna became an international pioneer of "buy now, pay later" (BNPL) products. Its simple idea—allowing consumers to pay in interest-free instalments—was an easy-to-use alternative to credit cards. Klarna thrived during 2020 and 2021's online shopping bonanza, when its private valuation hit $45 billion.

But the fintech's journey was not without hiccups. Klarna had to reset its valuation to a mere $6.7 billion in mid-2022 against a backdrop of global economic uncertainty and waning investor interest. Its initial plan for listing directly in 2021 never happened, and a second attempt earlier this year was put on hold due to market volatility caused by U.S. tariffs.

The firm is now moving ahead with renewed momentum. The Klarna IPO 2025 will have the firm offer 34.3 million shares at a price between $35 and $37 in an effort to raise up to $1.27 billion. If the IPO does well, Klarna could become worth about $14 billion, one of the biggest fintech IPOs post-pandemic. The stock will list on Nasdaq under the symbol "KLAR."

Blockchain Lender Figure Joins IPO Wave

Along with Klarna, San Francisco fintech firm Figure is also heading for an IPO. Founded in 2018 by former SoFi CEO Mike Cagney, Figure operates a blockchain-born lending platform for consumer credit, trading, and lending. The company's competitive advantage is velocity: the company has brought down the time taken for approving home equity loans to around 10 days from more than 40 days industry norm.

The lender has also proved to be financially robust. Figure, reported a $29 million profit for the first half of 2025, reversing last year's $13 million loss by the company. Advocates are convinced that Figure is at the beginning of a new chapter of blockchain adoption driven by greater regulatory transparency and swelling institutional demand.

In its initial public offering, Figure plans to sell 26.3 million shares in a range of $18 to $20 and raise up to $526 million in fresh capital. The listing under the ticker "FIGR" is being underwritten by Bank of America, Jefferies, and Goldman Sachs. Its valuation at listing is set slightly higher than $4 billion.

IPO Market Sees Signs of Revival

The products of Klarna and Figure are only a few examples of a larger trend of fintech and cryptocurrency firms dipping their toes in the waters. Cryptocurrency exchange Gemini, backed by Cameron and Tyler Winklevoss, also began its roadshow this week for a New York IPO that would put the company at $2.2 billion in value.

Industry experts suggest investor interest is returning, since companies can demonstrate compliance and sustainable growth prospects. "With the administration currently being fintech- and digital assets-friendly, the IPO pipeline for well-structured players is healthy," noted Josef Schuster, CEO at IPO research firm IPOX.

Opportunities and Risks for Investors

To the investors, risk and opportunity are clear. Klarna IPO 2025 is revealed to be subject to the consumer's capacity to spend in a poor economic environment, while Figure will be subject to the pace of adoption of blockchain as well as regulatory clarity.

Good aftermarket trading of these listings has the potential to reinforce confidence in other fintechs in the pipeline. Otherwise, failure can dampen the enthusiasm and decelerate the pipeline.

However, with Figure and Klarna leading the way, Wall Street could be witnessing the start of a new cycle of fintech and blockchain IPOs—one driven by both prudence and optimism.