Klarna Hits 5M Card Users as Stock Lags 66% Below IPO Price

Klarna Reaches 5M Card Users With H&M Partnership

Klarna's operational momentum continues with the announcement on March 23, 2026, that it has reached 5 million users for its card product. The fintech company also deepened its global partnership with fashion retailer H&M, expanding its flexible payment options to customers in Romania and Hungary. This move is supported by Klarna's rapid growth in the region, where it has already surpassed 500,000 active users in Romania since its launch in June 2023.

The expansion builds on a foundation of strong financial performance. For the full year 2025, Klarna reported a gross merchandise volume (GMV) of $127.9 billion and total revenue of $3.5 billion, with both metrics increasing by more than 20% year-over-year. The company's merchant network also grew to over one million globally after adding 285,000 new retailers in 2025 alone.

Stock Tumbles 66% Since IPO, Disconnecting From Growth

Despite robust user and revenue growth, Klarna's market performance tells a starkly different story. The company's stock has struggled since its initial public offering in September 2025 at $40 per share, shedding approximately two-thirds of its value. The negative trend has accelerated recently, with the stock declining more than 28% in the 30 days prior to March 23.

This significant disconnect suggests investors are weighing operational achievements against broader concerns, including persistent unprofitability and leadership stability. The market's reaction indicates that strong top-line growth and expanding partnerships have been insufficient to overcome negative sentiment and restore confidence in the company's public valuation.

Four Senior Executives Exit in Early 2026

Adding to market uncertainty, Klarna has experienced a notable wave of leadership departures since the beginning of 2026. Four senior executives have left the company in three months. The exits include Joao Tonon, Head of AI and Automation; Yuri Gusev, an Engineering Director; Andrea Ferraz Estrada, Head of Investor Relations and M&A; and D. Andrew Pietro, Global Head of Litigation. While the company characterizes the turnover as normal, the departure of key personnel from strategic departments like AI and Investor Relations raises questions about internal stability and long-term direction.