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FinTech firms have had a tricky time for over the past two years
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Investors have turned off the taps of cheap money. Firms have had to rein in their valuations and thousands of staff globally have been given
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their marching orders. Now today we're going to be putting the spotlight on one of those companies, the Stockholm-based
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Buy Now Pay Later Giant Clana, which has been through its own ups and downs over the past two years
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but just over the past couple of days may be rearing its head on the other side
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I'm Charlie Conchee, Chief City Reporter at City AM, and I'm here today with our first episode
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of what's going on, where we take a look at one. company in the news, get beneath the headlines, get underneath the bonnet and explain what's going on
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Now Klanah has had something of a roller coaster over the past two years. Just back in 2021
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it was then Europe's most valuable start-up with a price tag of some 46 billion after backing
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from heavyweights like Sequoia capital. Rising interest rates, soaring inflation rocked a lot of the
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tech sector and Klanar like its high growth peers was forced to slash that valuation by 85
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percent, cut its headcount by some 10 percent as well. Boss Sebastian Siam Rikowsky put the firm on a path to profitability, setting a site for the end
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of summer 2023. And while that cost-cutting drivers layoffs may have been painful at the time
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now they're looking like a rather shrewd move. Clana posted a small profit of £9.6 million yesterday, its first full quarter in the black
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since 2019. But intriguingly, that wasn't the only thing that had journalists talking over the weekend
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bosses have quietly set up a new UK-based holding company and what seems to be plans to revive
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its much-anticipated IPO. Policymakers and regulators on both sides of the Atlantic
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are now going to be on a major charm offensive to try and win round that listing for Clana
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But that question still hangs in the air for the time being. Where will Clana list
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We want to know what you think. Let us know in the comments below. Subscribe to stay up to date with the latest in our What's Going On Series
