Klarna has made the first step in launching its initial public offer, with the buy-now, pay-later group filing documents for a New York listing.
The Sweden-based fintech said it "confidentially submitted" a draft IPO registration statement to the US Securities and Exchange Commission.
Klarna and its banks and financial advisers have not yet worked out how many shares will be offered in the float and at what price range.
An IPO for the BNPL firm has been mooted for some time, with anticipation growing late last month when a long-time investor, FTSE 250-listed investor Chrysalis, said it expected it to come in the first half of 2025.
The increased book value of Chrysalis' stake implied a $14.6 billion valuation for Klarna, analysts said.