The Swedish payments firm known for its buy-now, pay-later service released the financial details in a prospectus for its planned U.S. initial public offering Friday. Klarna’s 2024 profit was a 109 per cent improvement from its US$244-million loss the previous year, and its revenue grew 24 per cent to US$2.8 billion. (The Logic)

Talking point: Klarna’s IPO has been hotly anticipated for years. The fintech hopes to raise US$1 billion at a valuation of more than US$15 billion through the IPO, Bloomberg reported. That represents a partial comeback from 2022, when Klarna raised US$800 million at a US$6.7-billion valuation, down from the $45.6 billion it was worth in June 2021. CPP Investments was among the investors in the round. Klarna and its competitors, including Affirm and Afterpay, partner with retailers to let customers pay for their purchases in interest-free instalments. Canadian brands that partner with Klarna include the men’s clothing chain Harry Rosen, the retailer Frank and Oak and Walmart Canada.