<p>今年的首次公开募股（IPO）市场表现平平。尽管有一些备受瞩目的 IPO，如 <strong>Figma</strong>，但 2026 年整体上相对安静。</p>
<p>当买现在，后付款公司 <strong>Klarna</strong>（KLAR -2.67%）本周终于在股市上市时，市场又迎来了一个备受瞩目的竞争者。这家金融巨头的 IPO 多年来备受期待，首日交易收盘价比 40 美元的 IPO 价格高出 15%。让我们看看 Klarna 到底是什么，以及现在是否值得投资。</p>
<h2>不仅仅是买现在，后付款</h2>
<p>买现在，后付款已成为购物中的一个知名短语，但 Klarna 更愿意将其业务视为 “灵活的支付选项”。它确实提供买现在，后付款的选项，但它拥有完整的银行执照，并且还提供信用卡，其业务的一部分是为客户和商家提供基于人工智能的数据洞察。</p>
<p>目前这个领域有几个参与者。其他两个大型公司是 <strong>Afterpay</strong>，已被金融科技公司 <strong>Block</strong> 收购，以及 <strong>Affirm Holdings</strong>，<strong>PayPal Holdings</strong> 也有自己的服务。所有这些业务都相似，但它们确实有一些差异化的特点，并且与不同的商家客户合作。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMzMTkvY291cGxlLWNyZWRpdC1jYXJkLW9ubGluZS1zaG9wcGluZy1oYXBweS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMzMTkvY291cGxlLWNyZWRpdC1jYXJkLW9ubGluZS1zaG9wcGluZy1oYXBweS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA"/></p>
<p>图片来源：Getty Images。</p>
<p>总部位于瑞典的 Klarna 与众多顶级品牌建立了长期而令人印象深刻的合作关系，包括 <strong>Disney</strong>、<strong>Macy's</strong>、<strong>Uber</strong> 和 <strong>Adidas</strong> 等知名品牌，并且刚刚宣布与 <strong>Gap</strong> 达成协议。</p>
<p>它在全球与 79 万家商户合作，并且还与 <strong>Shopify</strong>、<strong>Adyen</strong> 和 Stripe 等众多技术合作伙伴合作，以便于与任何支付系统的轻松集成。</p>
<p>Klarna 的主要特点之一是，对于在 30 天内偿还的小额贷款不收取利息。不过，它确实会收取逾期费用，并且对较大金额的分期付款收取利息。管理层还宣传其基于人工智能的服务，帮助客户管理支付和预算，并在其信用卡上提供现金返还。Klarna 今年早些时候与人工智能信用评估公司 <strong>Pagaya Technologies</strong> 合作，以向更多消费者扩展负责任的信贷。</p>
<p>管理层认为其在信贷审核能力上的差异。其过去 12 个月的平均客户余额为 80 美元，而美国客户的平均信用卡债务为 6730 美元，平均贷款期限为 40 天，这意味着它可以快速适应信贷趋势的变化。其过去 12 个月的信贷损失准备金占总商品交易额（GMV）的 0.52%，而 2024 年美国商业银行的贷款损失占总贷款的比例为 2.92%。</p>
<h2>推动金融创新</h2>
<p>Klarna 已经是一家大型且知名的公司，因此，它并没有展示出 IPO 投资者通常希望看到的那种惊人增长。截止 6 月 30 日的过去 12 个月，收入同比增长 19%，达到 30 亿美元，GMV 增长 15%，达到 1120 亿美元。它尚未盈利，并报告了 2.25 亿美元的运营亏损和 1 亿美元的净亏损。</p>
<p>它在 26 个全球市场服务 1.11 亿客户，其中包括最近收购的 2600 万新客户。它预计将从与 <strong>Walmart</strong> 的最新交易中看到显著增长，并准备与 Nexi、Worldpay 和 <strong>JPMorgan Chase</strong> 的 J.P. Morgan Payments 推出新交易，这将增加 5 万亿美元的年度交易总量。</p>
<p>管理层认为，基于其提成率和过去 12 个月消费者零售和旅行支出 19 万亿美元，Klarna 的可服务市场为 5200 亿美元。预计这一支出指标到 2027 年将增加到 35 万亿美元（不包括中国），这为有机增长提供了机会。它预计将在新市场推出，并且还通过其金融应用程序从商家合作伙伴那里获得广告收入。截止 6 月 30 日的过去 12 个月，广告收入为 1.84 亿美元。最后，凭借其银行执照和创新精神，它看到了未来多种货币化其平台的方式。</p>
<h2>现在买还是以后买？</h2>
<p>Klarna 是一家令人兴奋的公司，拥有许多长期机会，但其股票已经从首日收盘价下跌。它的市值为 160 亿美元，市销率为 5，这并不算太贵。</p>
<p>它尚未盈利，但在运营的前 14 年是盈利的。它在全球扩张上投入了大量资本，这影响了底线。它之前盈利地完成了这一点，这表明它有信心再次做到这一点。同时，这家更大的公司是一个不同的存在，构建规模需要不同的技能。</p>
<p>Klarna 是一家管理良好的公司，前景光明，今天看起来并不昂贵。然而，作为一家上市公司，它仍有很多需要证明的地方。一般来说，观察和等待 IPO 股票是明智的选择。</p>

KLAR

<p>Klarna 的首次公开募股（IPO）引起了广泛关注，收盘价比其 40 美元的发行价高出 15%。这家公司以灵活的支付选项而闻名，与全球 79 万家商户合作，包括迪士尼和梅西百货等知名品牌。尽管收入增长了 19%，达到 30 亿美元，Klarna 仍报告了 2.25 亿美元的运营亏损。该公司的市值为 160 亿美元，计划通过新的合作伙伴关系和市场扩展实现增长，尽管其股票在 IPO 后出现了下跌</p>

<p>It's been a lackluster year for the initial public offering (IPO) market. Although there have been some high-profile IPOs, like <strong>Figma</strong>, 2026 has been pretty quiet.</p>
<div class="lb-trans"><p>今年的首次公开募股（IPO）市场表现平平。尽管有一些备受瞩目的 IPO，如 <strong>Figma</strong>，但 2026 年整体上相对安静。</p>
</div><p>The market got another high-profile contender when buy-now, pay-later company <strong>Klarna</strong>(KLAR -2.67%) finally landed on the stock market this week. The financial giant's IPO had been highly anticipated for years, and it closed 15% higher than its IPO price of $40 on the first day of trading. Let's see what Klarna is all about and whether or not it's worth investing in right now.</p>
<div class="lb-trans"><p>当买现在，后付款公司 <strong>Klarna</strong>（KLAR -2.67%）本周终于在股市上市时，市场又迎来了一个备受瞩目的竞争者。这家金融巨头的 IPO 多年来备受期待，首日交易收盘价比 40 美元的 IPO 价格高出 15%。让我们看看 Klarna 到底是什么，以及现在是否值得投资。</p>
</div><h2>More than buy now, pay later</h2>
<div class="lb-trans"><h2>不仅仅是买现在，后付款</h2>
</div><p>Buy now, pay later has become a well-known phrase in shopping, but Klarna likes to think of its business as &#34;flexible payment options.&#34; It does indeed offer buy now, pay later options, but it has a full banking license and offers credit cards as well, and part of its business is artificial intelligence-based data insights for customers and merchants.</p>
<div class="lb-trans"><p>买现在，后付款已成为购物中的一个知名短语，但 Klarna 更愿意将其业务视为 “灵活的支付选项”。它确实提供买现在，后付款的选项，但它拥有完整的银行执照，并且还提供信用卡，其业务的一部分是为客户和商家提供基于人工智能的数据洞察。</p>
</div><p>There are several players in this field at this point. The other two large ones are <strong>Afterpay</strong>, which has been acquired by fintech company <strong>Block</strong>, and <strong>Affirm Holdings</strong>, and <strong>PayPal Holdings</strong> has its own services as well. All of these businesses are similar, but they do have some differentiated features, and they work with different merchant clients.</p>
<div class="lb-trans"><p>目前这个领域有几个参与者。其他两个大型公司是 <strong>Afterpay</strong>，已被金融科技公司 <strong>Block</strong> 收购，以及 <strong>Affirm Holdings</strong>，<strong>PayPal Holdings</strong> 也有自己的服务。所有这些业务都相似，但它们确实有一些差异化的特点，并且与不同的商家客户合作。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MzMzMTkvY291cGxlLWNyZWRpdC1jYXJkLW9ubGluZS1zaG9wcGluZy1oYXBweS0xMjAweDgwMC01YjJkZjc5LmpwZyZ3PTcwMA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F833319%2Fcouple-credit-card-online-shopping-happy-1200x800-5b2df79.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><p>Sweden-based Klarna has built up a long and impressive list of top brands that it partners with, including names like <strong>Disney</strong>, <strong>Macy's</strong>, <strong>Uber</strong>, and <strong>Adidas</strong>, and it just announced an agreement with <strong>Gap</strong>.</p>
<div class="lb-trans"><p>总部位于瑞典的 Klarna 与众多顶级品牌建立了长期而令人印象深刻的合作关系，包括 <strong>Disney</strong>、<strong>Macy's</strong>、<strong>Uber</strong> 和 <strong>Adidas</strong> 等知名品牌，并且刚刚宣布与 <strong>Gap</strong> 达成协议。</p>
</div><p>It works with 790,000 merchants globally, and it also partners with a large assortment of tech partners like <strong>Shopify</strong>, <strong>Adyen</strong>, and Stripe for easy integration into any payments system.</p>
<div class="lb-trans"><p>它在全球与 79 万家商户合作，并且还与 <strong>Shopify</strong>、<strong>Adyen</strong> 和 Stripe 等众多技术合作伙伴合作，以便于与任何支付系统的轻松集成。</p>
</div><p>One of Klarna's main features is that it doesn't charge interest on small loans paid within 30 days. It does charge late fees, though, and it charges interest on larger purchases paid down over longer periods. Management also touts its AI-driven services that help customers manage their payments and budget, and it offers cashback on its credit cards. Klarna partnered with AI credit evaluation company <strong>Pagaya Technologies</strong> earlier this year to expand responsibly underwritten credit to more consumers.</p>
<div class="lb-trans"><p>Klarna 的主要特点之一是，对于在 30 天内偿还的小额贷款不收取利息。不过，它确实会收取逾期费用，并且对较大金额的分期付款收取利息。管理层还宣传其基于人工智能的服务，帮助客户管理支付和预算，并在其信用卡上提供现金返还。Klarna 今年早些时候与人工智能信用评估公司 <strong>Pagaya Technologies</strong> 合作，以向更多消费者扩展负责任的信贷。</p>
</div><p>Management sees its difference in its underwriting capabilities. Its average client balance over the trailing 12 months was $80, in contrast to $6,730 in credit card debt for the average U.S. customer, and its average loan duration was 40 days, which means it can quickly move as credit trends shift. Its provision for credit losses was 0.52% of gross merchandise volume (GMV) over the trailing 12 months, while loan losses as a share of total loans were 2.92% for commercial U.S. banks in 2024.</p>
<div class="lb-trans"><p>管理层认为其在信贷审核能力上的差异。其过去 12 个月的平均客户余额为 80 美元，而美国客户的平均信用卡债务为 6730 美元，平均贷款期限为 40 天，这意味着它可以快速适应信贷趋势的变化。其过去 12 个月的信贷损失准备金占总商品交易额（GMV）的 0.52%，而 2024 年美国商业银行的贷款损失占总贷款的比例为 2.92%。</p>
</div><h2>Driving innovation in finance</h2>
<div class="lb-trans"><h2>推动金融创新</h2>
</div><p>Klarna is already a large and prominent company, and as a result, it's not demonstrating the kind of mind-blowing growth that IPO investors often like to see. Revenue increased 19% year over year to $3 billion for the trailing 12 months ended June 30, and GMV was up 15% at $112 billion. It isn't profitable, and it reported a $225 million operating loss and a $100 million net loss.</p>
<div class="lb-trans"><p>Klarna 已经是一家大型且知名的公司，因此，它并没有展示出 IPO 投资者通常希望看到的那种惊人增长。截止 6 月 30 日的过去 12 个月，收入同比增长 19%，达到 30 亿美元，GMV 增长 15%，达到 1120 亿美元。它尚未盈利，并报告了 2.25 亿美元的运营亏损和 1 亿美元的净亏损。</p>
</div><p>It serves 111 million customers in its 26 global markets, including 26 million new customers from a recent acquisition. It expects to see meaningful growth from a recent deal with <strong>Walmart</strong>, and it's getting ready to launch new deals with Nexi, Worldpay, and <strong>JPMorgan Chase</strong>'s J.P. Morgan Payments, which will add $5 trillion in total annual transaction volume.</p>
<div class="lb-trans"><p>它在 26 个全球市场服务 1.11 亿客户，其中包括最近收购的 2600 万新客户。它预计将从与 <strong>Walmart</strong> 的最新交易中看到显著增长，并准备与 Nexi、Worldpay 和 <strong>JPMorgan Chase</strong> 的 J.P. Morgan Payments 推出新交易，这将增加 5 万亿美元的年度交易总量。</p>
</div><p>Management sees a serviceable addressable market of $520 billion in payments revenue based on its take rate and the $19 trillion in consumer retail and travel spending over the trailing 12 months. That spending metric is expected to increase to $35 trillion by 2027, excluding China, which provides organic growth opportunities. It expects to launch in new markets, and it also generates advertising revenue from its merchant partners on its finance app. Ad revenue was $184 million for the trailing 12 months ended June 30. Finally, with its banking charter and spirit of innovation, it sees many ways to monetize its platform down the line.</p>
<div class="lb-trans"><p>管理层认为，基于其提成率和过去 12 个月消费者零售和旅行支出 19 万亿美元，Klarna 的可服务市场为 5200 亿美元。预计这一支出指标到 2027 年将增加到 35 万亿美元（不包括中国），这为有机增长提供了机会。它预计将在新市场推出，并且还通过其金融应用程序从商家合作伙伴那里获得广告收入。截止 6 月 30 日的过去 12 个月，广告收入为 1.84 亿美元。最后，凭借其银行执照和创新精神，它看到了未来多种货币化其平台的方式。</p>
</div><h2>Buy now or buy later?</h2>
<div class="lb-trans"><h2>现在买还是以后买？</h2>
</div><p>Klarna is an exciting company with many long-term opportunities, but its stock is already falling from the first-day closing price. It has a $16 billion market cap and a price-to-sales ratio of 5, which isn't terribly expensive.</p>
<div class="lb-trans"><p>Klarna 是一家令人兴奋的公司，拥有许多长期机会，但其股票已经从首日收盘价下跌。它的市值为 160 亿美元，市销率为 5，这并不算太贵。</p>
</div><p>It isn't profitable, but it was for the first 14 years of operation. It's been taking a lot of capital to expand globally, which is hitting the bottom line. It's done this profitably before, which is a vote of confidence that it can do it again. At the same time, this bigger company is a different beast, and it takes a different set of skills to build to scale.</p>
<div class="lb-trans"><p>它尚未盈利，但在运营的前 14 年是盈利的。它在全球扩张上投入了大量资本，这影响了底线。它之前盈利地完成了这一点，这表明它有信心再次做到这一点。同时，这家更大的公司是一个不同的存在，构建规模需要不同的技能。</p>
</div><p>Klarna is a well-run company with a bright future, and it doesn't look expensive today. However, it still has a lot to prove as a public company. In general, it's prudent to watch and wait with IPO stocks.</p>
<div class="lb-trans"><p>Klarna 是一家管理良好的公司，前景光明，今天看起来并不昂贵。然而，作为一家上市公司，它仍有很多需要证明的地方。一般来说，观察和等待 IPO 股票是明智的选择。</p>
</div>

Klarna 股票首次公开募股大涨。以下是您需要了解的所有信息