Fiserv vs Klarna: Revenue, Profit and Business Model
Fiserv had $21.2B of annual revenue in FY2025 and $3.5B of net income. Klarna had $3.5B of annual revenue in FY2025 and a net loss of $273M.
Latest financial snapshot
Financial summary
Fiserv
Fiserv's revenue climbed from $5.8 billion in 2018 to $10.2 billion in 2019 after the First Data deal and reached $21.19 billion in 2025, with GAAP EPS of $6.34. Adjusted revenue was $19.8 billion in 2025 and free cash flow was $4.44 billion. The trajectory then turned: in Q2 2026 GAAP revenue fell 4% to $5.29 billion, GAAP EPS dropped 37% to $1.17 and adjusted EPS fell to $1.84, although free cash flow stayed at $1.1 billion for the quarter. Management now expects 2026 organic revenue between -1% and flat. Fiserv, Inc. is a monumental global provider of financial services technology, commanding a market valuation that frequently exceeds $90 billion.
Klarna
Klarna's revenue grew from $2.28 billion in 2023 to $2.81 billion in 2024 and $3.51 billion in 2025, according to its 2025 Form 20-F. Net income swung from a $244 million loss in 2023 to a $21 million profit in 2024, then back to a $273 million loss in 2025, even as adjusted operating profit reached $65 million. Q4 2025 was its first billion-dollar quarter at $1.082 billion of revenue on $38.7 billion of GMV. In Q2 2026, revenue rose 27% to $1.042 billion, transaction margin dollars rose 42% to $446 million and net income was $9 million, against a $53 million loss a year earlier. The market cap was about $5.2 billion in late September 2026, well below the roughly $15 billion valuation at its September 2025 IPO.
Revenue and profit by year
Fiserv
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $21.2B | $3.5B | 16.4% | +3.6% | Source |
| FY2024 | $20.5B | $3.1B | 15.3% | +7.1% | Source |
| FY2023 | $19.1B | $3.1B | 16.1% | +7.6% | Source |
| FY2022 | $17.7B | $2.5B | 14.3% | +9.3% | Source |
| FY2021 | $16.2B | $1.3B | 8.2% | +9.3% | Source |
| FY2020 | $14.9B | $958M | 6.5% | +45.8% | Source |
| FY2019 | $10.2B | $893M | 8.8% | +74.9% | Source |
| FY2018 | $5.8B | $1.2B | 20.4% | +2.2% | Source |
| FY2017 | $5.7B | $1.2B | 21.9% | +3.5% | Source |
| FY2016 | $5.5B | $930M | 16.9% | — | Source |
Klarna
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $3.5B | -$273M | -7.8% | +24.8% | Source |
| FY2024 | $2.8B | $21M | 0.7% | +23.5% | Source |
| FY2023 | $2.3B | -$244M | -10.7% | — | Source |
Where the revenue comes from
Fiserv
- Merchant Solutions
About half of revenue
Card processing fees, Clover subscriptions and hardware, and enterprise/e-commerce acquiring. Segment GAAP revenue grew 5% in 2025 and fell 1% in Q2 2026.
- Financial Solutions
About half of revenue
Core account processing, digital banking, card issuing and processing, bill pay and Accel debit network fees. Segment GAAP revenue grew 2% in 2025 and fell 8% in Q2 2026.
Klarna
- Merchant fees
Not formally reported
Fees charged to merchants on Klarna transactions; the largest source of revenue.
- Consumer interest and fees
Not formally reported
Interest on Fair Financing and other credit products, plus late fees where permitted.
- Card and memberships
Not formally reported
Interchange from the Klarna Card and subscription revenue from Memberships, which grew more than 600% in Q2 2026.
- Advertising and other
Not formally reported
Sponsored placements and affiliate revenue in the Klarna app.
Business model and strategy
Fiserv
How it makes money
Fiserv earns mostly recurring, volume-based fees from two customer groups. Merchant Solutions charges merchants processing fees on card transactions, plus subscription and hardware revenue from Clover terminals and software, and fees from larger enterprise and e-commerce clients.
Growth strategy
Under the 'One Fiserv' plan launched in late 2025, management is reinvesting in technology, putting Clover at the center of its merchant strategy, adding AI and value-added services for banks, and simplifying the product portfolio.
Competitive advantage
Fiserv's main advantage is switching cost. Moving a bank's core ledger to a new vendor is a multi-year, high-risk project, so core banking clients rarely leave. Fiserv also sits on both sides of many transactions: it processes for card-issuing banks and for the merchants accepting those cards, and many of its bank clients refer local businesses to Clover.
Klarna
How it makes money
Klarna earns money on both sides of a purchase. Merchants pay Klarna a fee on each transaction because offering installments tends to lift conversion and basket size; Klarna pays the merchant upfront and carries the repayment risk (its published US standard rate for Pay in 4 has been 3.29% plus $0.30).
Growth strategy
Klarna calls itself an 'everyday finance network'. The strategy has three parts: distribution through large acquirers and platforms (J.P. Morgan Payments went live in August 2026), higher-frequency products such as the Klarna Card and paid Memberships (2 million subscribers in Q2 2026, eight times a year earlier), and higher-yield lending such as Fair Financing, which 256,000 merchants offered by Q2 2026.
Competitive advantage
Klarna's edge is scale and funding. It reaches more than 120 million active consumers and over 1.2 million merchants in 26 markets, and distribution deals with payment platforms such as J.P. Morgan Payments, Stripe and Adyen switch Klarna on for merchants without a new integration.
Questions about Fiserv vs Klarna
Which company has higher revenue — Fiserv, Inc. or Klarna Group plc?
Fiserv, Inc. had $21.2B (FY2025), while Klarna Group plc had $3.5B (FY2025). By latest annual revenue, Fiserv, Inc. is the larger business, with Klarna Group plc showing a smaller revenue base.
What is the market cap of Fiserv, Inc. vs Klarna Group plc?
Fiserv, Inc.'s market capitalisation stands at $25.0B, while Klarna Group plc's is $5.2B. Fiserv, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Klarna Group plc.
How does revenue per employee compare for Fiserv, Inc. and Klarna Group plc?
Fiserv, Inc. has $558k / employee in revenue per employee, while Klarna Group plc has $1.24M / employee. Headcounts may use different dates, so the ratio alone does not establish which business operates more efficiently.
How do Fiserv, Inc. and Klarna Group plc make money?
Fiserv, Inc. and Klarna Group plc generate revenue in fundamentally different ways. Fiserv, Inc.: Fiserv earns mostly recurring, volume-based fees from two customer groups. Klarna Group plc: Klarna earns money on both sides of a purchase.
Which company is valued higher relative to revenue — Fiserv, Inc. or Klarna Group plc?
On a price-to-sales (P/S) basis, Fiserv, Inc. trades at 1.2x P/S and Klarna Group plc at 1.5x P/S. Klarna Group plc commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Fiserv, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Fiserv, Inc. bigger than Klarna Group plc?
By last reported revenue, Fiserv, Inc. ($21.2B (FY2025)) is the larger company compared to Klarna Group plc ($3.5B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Fiserv vs Klarna overview