Swedish fintech company Klarna has confidentially submitted paperwork for a U.S. initial public offering, according to people familiar with the matter. The planned listing could value the buy-now, pay-later firm at more than $15 billion, marking a major step in its return to public markets.

Klarna has become one of the best-known names in consumer payments, built around short-term financing for online purchases. A successful U.S. listing would give the company access to deeper capital markets and could also serve as a key test for investor appetite in fintech after a volatile period for the sector.

The filing remains confidential, and details such as the number of shares and timing have not been publicly disclosed. Any valuation will ultimately depend on market conditions, investor demand, and the company’s financial performance at the time of the offering.

If completed, the IPO would place Klarna among the most closely watched technology listings of the year, with analysts likely to focus on profitability, credit risk, and consumer spending trends as the offering moves forward.