Swedish fintech firm Klarna disclosed on Friday that its revenue jumped 24% in 2024 as the “buy now, pay later” (BNPL) pioneer made public its filing for a much-anticipated US stock market listing.

The company, which reshaped online shopping through its short-term financing model, drew investor attention as its valuation soared from $5.5bn to $46.5bn in just two years, fueled by three funding rounds between mid-2020 and 2021.

Its revenue grew to $2.81bn in the year ended 31 December, compared with $2.28bn a year earlier. The BNPL market is projected to surpass $160bn by 2032, with retailers such as Walmart, Target and Amazon joining fintech firms such as Klarna, Affirm and Block to offer the service and attract younger, credit-averse shoppers.

Klarna reported a profit of $21m, or 1 cent a share, in 2024, compared with a loss of $244m, or 69 cents a share, a year ago.

CEO Sebastian Siemiatkowski had considered a direct listing – a route that avoids selling new shares and the costs of a traditional IPO – in 2021. But the Sequoia Capital-backed company shelved the plan and instead raised funds at a sharply reduced $6.7bn valuation.

The latest move comes as stock market volatility, driven by renewed recession fears and uncertainty over Donald Trump’s tariffs, threatens to stall a recovery in the IPO market.

The company has partnered with major global brands, including cosmetics retailer Sephora, sporting goods giant Nike and rental booking platform Airbnb.

It expects to trade on the New York Stock Exchange under the ticker symbol KLAR. Goldman Sachs, JP Morgan and Morgan Stanley are the lead underwriters.