The recent successful initial public offering (IPO) of Swedish payments group Klarna has sparked speculation among investors about which big fintech company will be the next to go public. Klarna’s IPO, which raised $17 billion, saw its stock price surge as much as 30% on the first day of trading before settling around 15% higher. This positive reception on Wall Street has paved the way for other fintech firms to consider going public.
One company that has long been viewed as a potential IPO candidate is digital payments firm Stripe. Founded 15 years ago by brothers John and Patrick Collison, Stripe has remained a private company despite pressure to go public. However, in January, the company opted for a secondary share sale valuing it at $91.5 billion. This move indicates that a stock market debut could still be on the horizon for Stripe.
Another fintech unicorn that investors are keeping an eye on is Revolut. The digital banking firm recently allowed employees to sell shares on the secondary market at a valuation of $75 billion, making it one of the most valuable private fintech companies in the world. Revolut’s co-founder and CEO, Nikolay Storonsky, has expressed a preference for listing in the U.S. due to concerns about London’s IPO market.
British digital bank Monzo is also a contender for an IPO, with reports suggesting that it has lined up bankers for a potential listing in the first half of 2026. However, Monzo CEO TS Anil has indicated that the company is currently focused on scaling its business and reaching more customers before considering going public.
Lastly, Starling Bank, a rival neobank to Monzo, has reportedly been considering an IPO in the U.S. as part of its expansion plans. The bank recently hired Jody Bhagat to lead the growth of its Engine technology unit in the U.S. Starling’s CEO, Raman Bhatia, has emphasized the bank’s plans to expand globally through its proprietary technology platform.
Overall, the success of Klarna’s IPO has opened the door for other fintech companies to consider going public. With a number of high-profile firms in the pipeline, investors will be watching closely to see which company will be the next big fintech name to make its debut on the stock market. Payhawk, a Bulgaria-founded fintech firm, is looking to make a splash in the financial world with its upcoming secondary share sale. Reports indicate that the company is aiming to achieve a valuation of ÂŁ4 billion, a significant increase from its previous valuation of $1 billion in 2022.
The spend management platform has been gaining momentum, with revenue soaring by 85% year-over-year to reach 23.4 million euros ($27.4 million) in 2024. Payhawk CEO and co-founder, Hristo Borisov, expressed optimism about the company’s future prospects, stating that they have IPO ambitions but are looking at a five-year time frame for potential public listing.
“We’re definitely seeing the IPO window open,” Borisov mentioned in a recent interview with CNBC. He emphasized the importance of reaching a certain revenue threshold before considering an IPO, citing companies with $400 million to $500 million-plus annual recurring revenue as the target.
In addition to Payhawk, there are other notable fintech firms that are potential IPO contenders in the future. Ripple, a blockchain firm valued at $15 billion, had previously explored the possibility of going public but put those plans on hold due to regulatory uncertainties. With the changing landscape and a more crypto-friendly environment under President Donald Trump, Ripple’s IPO plans may be revisited in the future.
Germany’s N26, a digital bank valued at $9 billion, is another company that has been on the IPO radar. However, the firm recently faced challenges as co-founder Valentin Stalf stepped down as CEO following investor pressure over regulatory issues. Despite setbacks, N26 remains a strong player in the fintech space and could potentially pursue an IPO in the coming years.
Overall, the fintech sector is seeing a wave of companies looking to go public and capitalize on investor interest. With Payhawk leading the way with its ambitious valuation goals, the future looks promising for these innovative financial technology firms.
