In a 2025 marked by the consolidation of profitable models and the strategic recovery of many high-growth tech companies, Klarna and Hinge Health have shown that not only is it possible to survive market adjustments, but also to emerge stronger. Both companies — one from the fintech universe and the other from digital health — have turned recent challenges into opportunities to evolve with discipline, efficiency, and long-term vision.
Beyond the headlines, these two stories offer real lessons for founders, investors, and executives in the technology sector who seek to scale their businesses sustainably, without giving up impact or global ambition.
Klarna: Efficiency, AI, and a Strategic Return to the Markets
The Swedish fintech Klarna, pioneer of the “Buy Now, Pay Later” (BNPL) model, staged one of the most anticipated moves of the year: its return to public markets through an IPO on the New York Stock Exchange, raising $1.37 billion and reaching an initial valuation of $15.1 billion. Market appetite was remarkable: according to Reuters, the offering was oversubscribed more than 25 times.
The interesting point is not just the number, but what it represents: Klarna successfully reinvented itself after its hypergrowth cycle, focusing on operational efficiency, automation, and profitable growth. In Q2 2025, the company reported $823 million in revenue (+20% year-on-year) and an adjusted operating profit of $29 million, while expanding its active user base to 111 million (+31% YoY).
Much of this efficiency comes from the strategic use of artificial intelligence. Klarna has embedded generative AI into customer service, internal processes, and predictive analytics. This lifted its revenue per employee to nearly $1 million, according to TechCrunch. However, management has highlighted that the focus is shifting from simple cost reduction to a more holistic vision of growth and user experience.
Hinge Health: Profitability and Scale in the New Digital Health Era
From another corner of the market, Hinge Health has achieved what many digital health players still pursue: a solid clinical model, backed by consistent financial results and a well-received IPO.
In Q2 2025, Hinge reported revenue of $139.1 million (+55% YoY). It also generated positive free cash flow of $32.6 million and improved its margins, with an adjusted gross margin of 83%.
Its client base grew strongly as well: +32% year-on-year, reaching 2,359 corporate clients. This boosted its annualized revenue to $568 million, consolidating its position as one of the global leaders in digital therapies for musculoskeletal conditions.
In May, Hinge debuted on the public markets with a 17.4% jump on its first trading day, reaffirming investor confidence in its long-term vision and execution quality.
A New Mindset for Tech Growth
The journeys of Klarna and Hinge Health reflect a shift in the tech industry mindset: it’s no longer just about growing fast, but about building with strong foundations. Both companies have prioritized operational efficiency, financial clarity, and sustainable scalability as the pillars of their strategy.
They haven’t abandoned innovation — on the contrary, they have integrated technology, particularly artificial intelligence, as a lever for differentiation and competitive advantage. But they’ve done so with a clear business logic, assessing the real impact on profitability, customer retention, and value creation.
For entrepreneurs, this provides a very concrete roadmap: focus on metrics that truly matter, know how to adjust direction without losing the vision, and rely on a team or advisors who understand the different stages of the journey.
Pipeline Capital: Partnering Beyond Capital
At Pipeline Capital, we believe that success doesn’t lie solely in achieving “unicorn status,” but in building companies with vision, structure, and the ability to generate sustained impact. That’s why we are more than financial advisors — we are strategic allies who understand the entrepreneur’s language and the real dynamics of tech M&A.
The cases of Klarna and Hinge Health reinforce what we’ve always stood for: the best time to prepare for a strategic transaction isn’t when you need capital, but when your business model is already proving its strength.
