In this articleKLAR your favorite stocksCREATE FREE ACCOUNTSpecialist traders work at the post for Swedish fin Klarna, during the company’s IPO at the New York Stock Exchange in New York City, U.S., Sept.
10, 2025.Brendan McDermid | ReutersAfter Swedish payments group Klarna's $17 billion initial public offering, investors are pondering which big fin name will be the next to go public.Klarna popped as much as 30% on the day of its New York IPO, before settling to close around 15% higher.
The stock declined further to $42.92 by Friday but is still up 7% from its IPO price of $40.The debut demonstrated how Wall Street is becoming more welcoming of bumper fin listings.
Prior to Klarna, online trading platform eToro, stablecoin issuer Circle and crypto exchange Bullish all went public to a positive first-day reception.Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, surged 14% in its IPO Friday."I think the Klarna IPO would be viewed positively by some of the other scaled-up vendors," Gautam Pillai, head of fin re at British investment bank Peel Hunt, told CNBC.There's a crowded pipeline of fin names that could be next to IPO after Klarna.
CNBC looks at which companies look the most mising.StripePatrick Collison, chief executive officer and co-founder of Stripe Inc., left, smiles as John Collison, president and co-founder of Stripe Inc., speaks during a Bloomberg Studio 1.0 television interview in San Francisco, California, U.S., on Friday, March 23, 2018.
Bloomberg | Bloomberg | Getty ImagesDigital payments firm Stripe has for years been viewed as an IPO contender.
Stripe has remained a private company in the 15 years since it was founded, and founders and brothers John and Patrick Collison have long resisted pressure to take the public.However, that doesn't mean a stock market listing hasn't been on Stripe's mind.
The Collisons told employees in 2023 that Stripe would decide to either go public or allow employees to sell s via a secondary offering within the next year.Ultimately, Stripe in January opted for a secondary sale, valuing the company at $91.5 billion — close to its peak valuation of $95 billion, which the company achieved in 2021.That doesn't mean Stripe couldn't still pursue a stock market debut further down the line.
Many fin unicorn CEOs have been keeping a close eye on Klarna's IPO performance for signs of when will be the right moment to list.RevolutRevolut CEO Nikolay Storonsky at the Web Summit in Lisbon, Portugal, Nov.
7, 2019.Pedro Nunes | ReutersRevolut is widely seen as a potential future fin IPO candidate.
The digital banking unicorn told CNBC last week that it recently gave employees the chance to sell s on the secondary market at a whopping $75 billion valuation, placing it above some major U.K.
banks by market value."As part of our commitment to our employees, we regularly vide opportunities for them to gain liquidity," a Revolut spokesperson told CNBC at the time.
"An employee secondary sale is currently in cess, and we won't be ing further until it is complete."The secondary round buys Revolut some time to remain private for longer while still offering staff the chance to exit some of their holdings.
At the same time, though, it now makes Revolut one of the world's most valuable private fin firms.As to where Revolut lists, for now the U.S. appears the liest location.
Co-founder and CEO Nikolay Storonsky has spoken candidly his preference to list in the U.S. due to issues with London's IPO market.
Last year, he told the 20VC podcast that it was "just not rational" to go public in the U.K.MonzoMonzo CEO TS Anil.MonzoHaving recently reached a $5.9 billion valuation in a secondary sale, British digital bank Monzo is another contender for the public .A report surfaced earlier this year from Sky News that said Monzo had lined up bankers to work on an IPO that could take place as early as the first half of 2026.However, in a fireside discussion moderated by CNBC at SXSW London, Monzo CEO TS Anil said that an IPO is "not the thing we're focused on right now" — it's worth noting though that this was back in June."The thing we're focused on is scale the , continue to grow it, double it again, reach more customers, build more ducts, continue to drive great economic outcomes on the back of that," Anil said at the time.Anil wouldn't on where Monzo would list if it were to IPO, but he stressed the firm was "deeply committed" to being globally headquartered in London.
Starling BankRaman Bhatia, incoming chief executive officer of Starling. Bhatia moved over from OVO Energy Ltd., where he was CEO.
Zed Jameson | Bloomberg | Getty ImagesMonzo's rival neobank Starling Bank has reportedly been considering an initial public offering in the U.S.
as part of expansion plans there.On Thursday, Bloomberg reported that Starling had hired Jody Bhagat, former president of global banking at software firm Personetics nologies, to lead the growth of its Engine nology unit in the U.S.Starling was not immediately available to when asked by CNBC its listing plans.Last year, Starling's CEO Raman Bhatia talked up the bank's plans to expand globally via Engine, a software platform that Starling sells to other companies so they can set up their own digital banks."I am very bullish this apach around internationalization of what is the best of Starling — the prietary ," Bhatia said during a fireside chat at the Money 20/20 conference moderated by CNBC.Starling was last privately valued at £2.5 billion ($3.4 billion) in a 2022 funding round.
However, reports indicate the firm is looking to fetch a valuation of £4 billion in an upcoming secondary sale.PayhawkSaravutvanset | Room | Getty ImagesThough a lesser known name, Bulgaria-founded fin firm Payhawk also has IPO ambitions.The spend management platform was valued at $1 billion in 2022 and saw revenue surge 85% year-over-year in 2024 to 23.4 million euros ($27.4 million)."We're definitely seeing the IPO window open," Payhawk CEO and co-founder Hristo Borisov told CNBC in an interview earlier this month.
However, he stressed that "we are looking at more of a five-year horizon there.""If you look at the majority of the IPOs, the majority of those IPOs are companies with $400 million to $500 million-plus ARR [annual recurring revenue]," Borisov said.
"That's our goal."Some honorary mentionsThere are other fins that look potential IPO contenders further down the line — but the trajectory looks less .Blockchain firm Ripple's CEO Brad Garlinghouse told CNBC in January last year that the company explored outside the U.S.
for its IPO due to an aggressive crypto enforcement regime under ex-Securities and Exchange Commission chief Gary Gensler.That could change now thanks to President Donald Trump's -crypto stance.
Garlinghouse said last year though that Ripple had put any plans for an IPO on hold. The startup was most recently valued at $15 billion.Germany's N26 is another potential IPO contender.
The digital bank was valued at $9 billion in a 2021 funding round.However, it has faced some setbacks.
N26 co-founder Valentin Stalf recently stepped down as CEO after facing pressure from investors over regulatory failings.