After European installment shopping service Klarna had one of the biggest and most successful IPOs in New York this year, investors on Wall Street are wondering which major fintech startup will go public next. CNBC has selected five of the most promising companies from a long list of listing candidates.

Stripe

Business payment platform Stripe, whose clients include Amazon and Google, has been seen as a listing contender for years. The company was founded 15 years ago and is still non-public. In 2023, Stripe founders John and Patrick Collison allowed for an IPO to allow employees to earn money by selling their shares. But in early 2024, an option to buy back shares through a tender offer was favored.

That doesn't mean Stripe won't go public for quite some time. Executives at many large fintech companies have been closely watching the Klarna IPO to determine the right time to list themselves, CNBC notes. According to Forge Global, one of the largest marketplaces for non-public startup stocks, Stripe's securities have risen 45% since the start of 2025. The company's current valuation is $92.4 billion, which is close to a peak of $95 billion in 2021.

Revolut

UK-listed digital bank Revolut is widely seen as a potential listing candidate. The company recently gave employees the opportunity to sell shares on the OTC market, based on a $75 billion valuation. If Revolut's IPO takes place, it will likely be in New York: founder Nikolay Storonsky considers London an "irrational" choice for an IPO. According to Forge Global, the company's share price has soared 272% in private deals since January.

Monzo

British digital bank Monzo recently received a $5.9 billion valuation, and it's another promising IPO candidate. According to Sky News, the flotation could take place as early as the first half of 2026, but Monzo CEO Tummalapalli Sai Anil said in June that the company is not focused on going public, but on scaling and growth. The company was valued by investors at £4.5 billion ($6.1 billion) in 2024.

Starling Bank

British neobank Starling, which competes with Monzo, is thinking of going public in the US as part of its plans to expand into the US market. Starling is betting on Engine, a software platform it sells to other companies so they can launch their own digital banks. The startup was valued at £2.5 billion ($3.4 billion) in Investraound in 2022. The company now expects a valuation of £4bn, the Financial Times reported last week.

Payhawk

Bulgarian fintech startup Payhawk, which specializes in corporate expense management, is also looking to go public. The company was valued at $1 billion in 2022 and its revenue grew 85% to 23.4 million euros in 2024. CEO Hristo Borisov told CNBC that "the window for an IPO is opening," but going public is possible "more on a five-year horizon." "If you look at most IPOs, they are mostly companies with ARR (annualized revenue from regular recurring customer payments - Oninvest) of $400 million to $500 million and above. That's our goal," Borisov said.

A few more candidates

CNBC considers several other fintech companies worthy of attention - they look like attractive candidates for IPOs in the distant future. Blockchain company Ripple, valued at $15 billion in 2024, has put all IPO plans on hold, but that could change now thanks to US President Donald Trump's support for the crypto industry.

Germany's N26 is another potential IPO candidate. This digital bank was valued at $9 billion in a funding round in 2021. However, the company has run into difficulties: N26 co-founder Valentin Stalf decided to step down as CEO in August after pressure from investors over compliance shortcomings.

This article was AI-translated and verified by a human editor

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