Klarna’s IPO: Here’s Who’s Getting Rich

Venture capital huge Sequoia Capital is the largest benefactor of Klarna’s IPO. The San Francisco-based totally mostly agency Sequoia owned 78.8 million shares, or about 20.1% of the firm, after its IPO.

Sequoia first invested in Klarna in 2010, leading the firm’s $9 million fundraise and contributing additional capital over heaps of rounds within the next years.

Ancient Sequoia accomplice Michael Moritz joined Klarna’s board of directors on the agency’s 2010 investment and became the chairperson of the board in 2020.

When Moritz stepped down from his investing location in 2023, Sequoia accomplice Matthew Morris joined Klarna’s board to symbolize the agency. The next year, Morris, with Sequoia’s backing, reportedly tried to rob away Moritz from the board altogether. After going by pushback from Klarna CEO Sebastian Siemiatkowski, Morris withdrew the strive and stepped down from the board. Sequoia accomplice Andrew Reed took his region. Moritz stays Klarna’s chairperson this day.

“It’s improbable what an iron-willed CEO adore (Sebastian Siemiatkowski), a permanent cost prop, a physique of workers of correct believers, and twenty years of long-established (ish?) compounding can manufacture,” Reed posted on X Wednesday morning.

Sequoia supplied an additional 7.33 million shares in Klarna between July 2022 and March 2023 for $135 million, in step with Klarna’s IPO submitting.

Sequoia supplied 2.14 million shares in Klarna’s IPO, which at its $40-per-portion IPO imprint netted the agency $85.6 million.

At a $45.82 closing portion imprint, Sequoia’s closing stake is price about $3.5 billion.

Klarna cofounder Victor Jacobsson owned about 30 million shares of Klarna, or 8% of the firm after its IPO.

Jacobsson based Klarna in 2005 alongside Sebastian Siemiatkowski and Niklas Adalberth. He served because the firm’s CFO till 2012, when he left.

Jacobsson and Siemiatkowski, Klarna’s CEO and the preferrred cofounder who stays an executive on the firm, like reportedly clashed in inner most for years over key governance choices at Klarna, adore how and when the firm may well well additionally quiet recede public.

Jacobsson has amassed a colossal stake in Klarna over the years, in conjunction with by procuring for up shares in secondary markets by heaps of keeping companies, the Financial Times previously reported.

Between July 2022 and March 2023, Jacobsson supplied practically 4 million shares of Klarna for an total of $73 million across four assorted keeping companies, per Klarna’s IPO submitting.

Jacobsson supplied about 1.3 million shares in Klarna’s IPO, which at a $40-per-portion IPO imprint would’ve netted him about $52.1 million.

At a $45.82 portion imprint, Jacobsson’s closing stake is price about $1.38 billion.

Heartland A/S, the investment keeping firm owned by Danish billionaire Anders Holch Povlsen, owned about 37.1 million shares of Klarna, or about 7.8% of the firm after its IPO.

Heartland first invested in Klarna in 2017 by Brightfolk A/S, one more of Holch Povlsen’s keeping companies. That investment included shares supplied from existing Klarna investors resembling inner most fairness agency Overall Atlantic and cofounder Niklas Adalberth.

Heartland CEO Lise Kaae sits on Klara’s board of directors.

The agency supplied about 7.4 million shares in Klarna’s IPO, or about 20% of its stake. At a $40-per-portion IPO imprint, that sale introduced in about $297 million.

At a $45.82 portion imprint, Heartland’s closing stake is price about $1.36 billion.

Sebastian Siemiatkowski, Klarna’s CEO and cofounder, owned 25.6 million shares of Klarna, or about 6.8% after its IPO.

Siemiatkowski started constructing Klarna alongside his cofounders at age 23, whereas he became getting his grasp’s stage on the Stockholm College of Economics. The firm, at the delivery named Kreditor and rebranded to Klarna in 2010, sought to permit potentialities to pay for his or her purchases after transport.

Siemiatkowski became estimated to be a billionaire in early 2022, alongside with his procure price peaking at roughly $3.2 billion after Klarna raised a funding spherical the earlier year at a $45.6 billion valuation. The firm’s fundraise in July 2022, on the opposite hand, valued Klarna at $6.7 billion, knocking Siemiatkowski off the billionaire pedestal.

Klarna paid $16.5 million to nonprofits based by Siemiatkowski’s companion, in conjunction with by donations and partnerships, over the final five years, BI reported final week.

Siemiatkowski purchased an additional 3.06 million shares of Klarna for $56 million between July 2022 and March 2023. He’s the preferrred necessary shareholder on this list who didn’t sell any of his shares in Klarna’s IPO.

At a $45.82 imprint, his stake is now price about $1.17 billion.

The Commonwealth Bank of Australia owned about 19.3 million shares of Klarna, or about 4.6% of the firm after its IPO.

CBA, an awfully necessary bank in Australia by total sources, first invested $100 million in Klarna in 2019. It’s additionally backed Anthropic, announcing an investment within the AI startup huge in March.

CBA invested an additional $200 million in Klarna in 2020, bringing its stake to five.5%.

As phase of its investments in Klarna, CBA purchased 50-50 possession rights with Klarna to Klarna’s Australian and Fresh Zealand industry.

CBA supplied an additional 1.8 million shares in Klarna between July 2022 and March 2023, in step with Klarna’s IPO submitting, for an aggregate imprint of $32 million.

CBA supplied about 1.9 million shares in Klarna’s IPO, which on the $40-per-portion IPO imprint would’ve introduced in $77.4 million.

At a $45.82 portion imprint, its closing stake is price about $798 million.

Non-public fairness agency Silver Lake owned 17 million shares of Klarna, or about 3.8% of the firm after its IPO.

The Silicon Valley-based totally mostly agency’s assorted tech bets consist of fintech darling Stripe, industry-administration draw firm Airtable, and weight-care app Noom.

Silver Lake led Klarna’s $650 million fundraise in 2020, which valued the firm at $10.6 billion.

The agency supplied about 2.6 million shares in Klarna’s IPO, netting it $102 million at a $40 IPO portion imprint.

At $45.82 a portion, Silver Lake’s closing stake is price about $663 million.

Singaporean sovereign wealth fund GIC Non-public Restricted owned about 6.3 million shares of Klarna, or about 1.4% after its IPO.

The fund manages Singapore’s international reserves in greater than 40 countries. It’s additionally invested in Anthropic, contributing to its September $13 billion Sequence F fundraise at an $183 billion valuation.

GIC invested in Klarna’s $650 million spherical in 2020 at a $10.6 billion valuation.

The fund supplied about 1.2 million shares in Klarna’s IPO, netting it $46.9 million at a $40 IPO portion imprint.

At a $45.82 portion imprint, GIC’s closing stake is price about $236 million.

San Francisco-based totally mostly investment agency HMI Capital owned about 5.6 million shares in Klarna, or about 1.2% of the firm after its IPO.

HMI Capital manages about $3.22 billion in sources, basically making investments in public companies in conjunction with Roblox, Flutter Entertainment, and SailPoint.

The agency first invested in Klarna in 2019, contributing to its $460 million fundraise. HMI Capital attach extra money into the firm in its 2020, 2021, and 2022 raises.

“From the outset, we believed that their imaginative and prescient of aquire-now-pay-later offers a more moderately priced, friendlier different to credit playing cards. Klarna has confirmed that by welcoming over 110 million crammed with life customers to its platform,” acknowledged Justin Nyweide, founding accomplice and CIO of HMI Capital, in an announcement to BI. “We particularly would like to congratulate CEO Sebastian Siemiatkowski, Chairperson Michael Moritz and CFO Niclas Neglén for efficiently bringing Klarna to market in a turbulent time. We’re proud to accomplice with them and can’t dwell up for Klarna to address the colossal enhance different in front of them.”

HMI Capital supplied 1.1 million shares in Klarna’s IPO, which at a $40-per-portion IPO imprint would’ve introduced in $44.5 million.

At a $45.82 portion imprint, its closing stake is price about $204 million.

BlackRock owned practically 6 million shares of Klarna, or about 1.1% of the firm after its IPO.

BlackRock has invested many of of billions of bucks in Ample Tech giants in conjunction with Nvidia, Microsoft, and Apple. It’s additionally backed AI files processing startup Databricks, which launched a $1 billion fundraise this week at a $100 billion valuation.

The agency first invested in Klarna in 2019, contributing to its $460 million fundraise, and placing extra capital into the firm in its 2020 and 2021 raises.

BlackRock supplied about 1.7 million shares in Klarna’s IPO. At a $40 IPO portion imprint, that sale would’ve netted the agency $68.5 million.

At a $45.82 portion imprint, BlackRock’s closing stake is price about $194 million.

UBS O’Connor owned about 4.5 million shares in Klarna, or about .9% of the firm after its IPO.

UBS O’Connor is an different investment unit within UBS Asset Administration. Per Klarna’s IPO submitting, its Klarna investment is held within the Nineteen77 funds that UBS manages.

It’s no longer certain when UBS O’Connor first invested in Klarna. The fund did rob part in Klarna’s $800 million Sequence H fundraise in 2022, per UBS.

In Might per chance also, UBS acknowledged it will in all probability per chance sell its O’Connor unit, which had roughly $11 billion below administration on the time, to Cantor Fitzgerald.

That acquisition hasn’t but closed. UBS and Cantor Fitzgerald declined to substantiate whether O’Connor’s stake in Klarna will be assumed by Cantor Fitzgerald when the deal closes.

UBS O’Connor supplied about 1.3 million shares in Klarna’s IPO, which, at a $40-per-portion imprint, would like introduced in about $52.3 million.

At a $45.82 portion imprint, its closing stake is price about $148 million.

Sovereign wealth fund Mubadala Funding Company owned about 5.4 million shares of Klarna, or about .8% of the firm after its IPO.

Mubadala invests in companies within the United Arab Emirates and in a foreign country on behalf of the authorities of Abu Dhabi. It’s backed a quantity of top inner most companies, in conjunction with OpenAI, Anthropic, Databricks, and healthcare IPO hopeful Zelis Healthcare.

Mubadala invested in Klarna in 2022 as phase of the firm’s $800 million fundraise.

Mubadala supplied 2.3 million shares in Klarna’s IPO, representing about 43% of its holdings. At a $40-per-portion IPO imprint, that sale would procure the agency about $93.8 million.

At a $45.82 portion imprint, its closing stake is price $141 million.

Skandia owned about 4.1 million shares of Klarna, or about .8% of the firm after its IPO.

The Swedish insurance coverage and financial companies and products firm first invested in Klarna in 2015, when it supplied a roughly 1% stake.

Skandia supplied about 1.2 million shares in Klarna’s IPO, representing practically 30% of its stake within the firm. At a $40-per-portion IPO imprint, that sale netted Skandia about $47.7 million.

At Klarna’s $45.82 closing portion imprint, Skandia’s closing stake is price about $135 million.

Niklas Adalberth, Klarna’s third cofounder, owned about 2.9 million shares of Klarna, or about .7% of the firm after its IPO. That’s the sum of shares held by Adalberth himself and by Sunnersta Invest AB, Adalberth’s inner most investment firm.

Adalberth ragged to non-public about 8% of Klarna. But after Adalberth stepped down as Klarna’s deputy CEO and left the firm in 2015, he supplied all but .75% of his stake to fund his philanthropy and impression investing.

Adalberth instructed BI in 2021 that he left Klarna after reevaluating his priorities, in conjunction with his feelings toward wealth and consumption.

Adalberth supplied about 273,000 shares in Klarna’s IPO, netting him about $11.7 million at a $40 portion imprint.

At $45.82 a portion, Adalberth’s closing stake is price $121 million.

London-based totally mostly challenge agency Atomico owned about 3.6 million shares of Klarna, or practically .7% of the firm after its IPO.

Started in 2006 by Skype cofounder Niklas Zennström, Atomico has backed some VC heavy-hitters, in conjunction with fintech huge Stripe and bodily therapy firm Hinge Health, which went public earlier this year.

Atomico first invested in Klarna in 2012, procuring for shares from an existing investor in a secondary sale price $14 million.

“Over 13 years of partnership with Sebastian and his physique of workers, we’ve viewed financial downturns, market turbulence, and inflationary pressures, but Klarna’s industry mannequin has at all times confirmed remarkably resilient,” Zennström acknowledged in an announcement to BI. “That ability to scale faster whereas running leaner is unparalleled, and it’s a mannequin extra companies and founders across Europe will ogle to emulate.”

Atomico supplied factual over 1,000,000 shares of Klarna in its IPO. At a $40-per-portion IPO imprint, that sale netted Atomico $41.5 million.

At a $45.82 portion imprint, Atomico’s closing stake is price about $118 million.

SEB, brief for Skandinaviska Enskilda Banken, is a Stockholm-based totally mostly bank. SEB owned about 2.4 million shares of Klarna, or roughly .6% of the firm after its IPO.

SEB started working with Klarna in 2012, when Klarna partnered with SEB on its Klarna Checkout platform for retailers. (Klarna supplied Klarna Checkout in 2024.)

SEB’s pension funds additionally contributed tens of hundreds of hundreds of bucks to Norrsken VC, Adalberth’s impression fund, in 2020 and 2021.

SEB instructed BI that its stake in Klarna, as listed within the firm’s IPO submitting, is “saved in custody on behalf of clients.” The bank declined to comment additional.

SEB supplied about 23,000 shares in Klarna’s IPO, which on the $40-per-portion IPO imprint would procure the agency about $937,000.

At a $45.82 closing portion imprint, SEB’s closing portion is price about $110 million.