Fintech Rundown (17/02) - Paypay, Nexo, Klarna

SoftBank’s payments unit PayPay has filed for a US$ IPO, potentially marking one of the largest listings for a Japanese company on a US exchange. The company aims for a valuation of US$10 billion or more, with details on share offerings and price range to be disclosed later. SoftBank plans to keep PayPay as a subsidiary post-IPO, with no expected material impact on its overall earnings.

Next up, Nexo has reentered the U.S. market, rolling out a suite of digital asset services and trading infrastructure powered by U.S.-based Bakkt. The company, which left the U.S. in 2022 after regulatory clashes over its Earn Interest Product, returns with $11 billion in assets under management and a focus on operating within a compliant framework. The company’s U.S. product lineup includes fixed and flexible yield programs, an integrated crypto exchange, and crypto-backed credit lines.

And finally, Klarna says its pay later options are now available on Google Pay in the U.K. With this offering, Google Pay users in the U.K. have the choice of using Klarna’s interest-free payment options at checkout. The partnership comes days after the U.K.’s financial regulator announced new protections for consumers using buy now, pay later (BNPL) services such as Klarna’s.

That’s your fintech rundown. Stay tuned for more updates.