Klarna

Klarna’s $17B-plus NYSE debut in 2025 has given way to an Apple leasing partnership and a 2026 guidance cut that sent its shares down 23%.

Who they are

Klarna is a Swedish fintech and buy-now-pay-later provider whose coverage centers on consumer-payment partnerships, operating results and its transition into a publicly traded company. It appears alongside merchants and platforms including Apple, DoorDash and Grubhub, as well as in reporting on BNPL, credit losses and growth in gross merchandise volume.

The recent arc

Coverage intensified around Klarna’s public-market transition: its September 2025 NYSE debut raised $1.37 billion for the company and some backers and valued it at more than $17 billion. Reporting also tracked its operating rebound, including first-quarter 2026 revenue of $1.01 billion, up 44% year over year, alongside a $1 million profit after a year-earlier loss; that followed a fourth quarter in which revenue rose but credit-loss provisions increased and the company posted a net loss.

The latest phase is defined by Apple. Bloomberg reported in July 2026 that Apple would use Klarna for Apple Upgrade, and Apple subsequently launched the US leasing program to replace the iPhone Upgrade Program. That partnership-driven attention was quickly followed by a more difficult August update: Klarna lowered full-year GMV guidance to $149 billion-$151 billion, said CFO Niclas Neglén and CMO David Sandström would leave in early 2027, and saw KLAR shares fall 23%.

The tension

The coverage circles the tension between Klarna’s expanding distribution and the credit and execution risks embedded in consumer finance. Apple Pay added Klarna support in the US and UK in 2024, DoorDash added Klarna payment plans in 2025, and Apple Upgrade now makes Klarna part of a prominent device-leasing offer; yet the company’s rising credit-loss provisions, reduced GMV outlook and market reaction show that reach alone does not settle concerns about the quality and profitability of that growth.

Why it matters

If the Apple relationship gains traction, Klarna could become more deeply embedded in major US consumer-purchase flows beyond conventional BNPL checkout options, strengthening the strategic case presented by its IPO. But the current trajectory also makes underwriting performance, GMV delivery and leadership continuity material tests: the same expansion that broadens volume can expose the company more directly to credit losses and public-market scrutiny.

Related: IPO · BNPL · Apple · Apple launches Apple Upgrade, a new US leasing program in partnership · DoorDash partners with Klarna to offer payment plans, including credit