Swedish fintech Klarna has confidentially submitted paperwork for a U.S. initial public offering, according to people familiar with the matter. The move signals that the buy-now-pay-later company is testing investor demand as listings in the tech sector regain momentum.

The filing comes as Klarna looks to reenter public markets amid a more favorable backdrop for growth-focused companies. While the company has not publicly disclosed final terms, people familiar with the process said the proposed listing could value Klarna at as much as $15 billion.

Klarna became one of the best-known names in the buy-now-pay-later industry by offering shoppers a way to split purchases into installments. The model helped drive rapid expansion during the boom in fintech funding, but rising interest rates and tighter consumer spending later forced many lenders and payment firms to reset expectations.

A U.S. listing would mark a major milestone for the Stockholm-based company and could serve as a gauge of renewed appetite for fintech shares. The timing also reflects a broader push by private companies to take advantage of improving market conditions after a long slowdown in new offerings.