Buy-now, pay-later lender Klarna raised $1.37 billion in its U.S. IPO, selling 34.3 million shares at $40 each, above the target range. The company’s valuation dropped to $6.7 billion in 2022 amid rising interest rates. Klarna plans to list on the NYSE under the symbol “KLAR” on Wednesday.

Klarna’s profits dipped following its U.S. expansion in 2019. Losses widened to $52 million in the quarter ended June 30, while revenue rose to $823 million. The company’s profitability remains a challenge despite expanding user count and gross merchandise value in double digits.

Analysts believe Klarna’s brand power could help it stand out in the competitive fintech market. Alternative payment services like Klarna have seen consistent demand, with stable consumer spending and rising interest income for the company. Klarna will trade on the NYSE starting Wednesday, under the symbol “KLAR.”

Read more at Yahoo Finance: Klarna raises $1.37 billion in US IPO, boosting fintech hopefuls