Nordic VC Exits Quadruple to €18.7B as Klarna Powers $15B IPO, Hits One Million Merchants
Klarna’s $15 billion US IPO accounted for 70% of Nordic VC exit value, helping drive regional exits to €18.7 billion in 2025—a fourfold increase and 7% higher deal count. Separately, Klarna expanded its network to one million merchants, boosting its payment volume and revenue prospects.
1. Nordic VC Exits Reach €18.7 Billion
Exit value for Nordic startups surged over fourfold to €18.7 billion in 2025, with VC-backed exit count rising 7% to 138. Klarna’s $15 billion US IPO accounted for 70% of the total, and Sweden and Denmark recorded the highest year-over-year increases.
2. Buyouts and AI Deals Gain Momentum
Buyouts captured an increased share of exits as cheaper valuations and tighter capital access drove startups toward PE, led by General Atlantic’s $365 million investment in Hostaway. AI emerged as the second-most active vertical, highlighted by Workday’s $1.1 billion acquisition of enterprise AI builder Sana.
3. Merchant Network Expands
Klarna announced it has onboarded one million merchants globally, marking a significant expansion of its payments network and enhancing its transaction volume and revenue potential.