The Swedish fintech giant Klarna, which specializes in "Buy Now, Pay Later" (BNPL) services, is facing another internal shakeup as the company moves toward a highly anticipated IPO. The board is considering the dismissal of Mikael Walther, a long-time confidant of co-founder Victor Jacobsson. A decision could be made as early as a board meeting on Wednesday, according to informed sources.

Walther, who has been with Klarna for eight years, came under scrutiny following a two-year internal investigation. In particular, his use of Special Purpose Vehicles (SPVs) to increase his stake in the company faced criticism from some board members. However, other executives defended the use of SPVs, which are perceived as opaque, as standard and transparent within the industry.

These recent tensions follow an earlier power struggle on the board, which became public in February when the attempt to oust Michael Moritz, a veteran of Sequoia Capital, as chairman of the board failed. This incident highlighted the deep divisions within the leadership that emerged at a critical time: just before the company's redomiciliation from Sweden to the United Kingdom, in preparation for the planned IPO.

The conflicts within the board revolve specifically around the influence of certain major shareholders on Klarna's decision-making processes. These shareholders have historical special voting rights that strengthen their positions. The potential introduction of "golden shares" after the IPO, which could grant certain shareholders more influence, is particularly at the center of the current discussions.

Klarna has been working intensively on preparations for its IPO in recent months and has already engaged investment banks for this purpose. The company's half-year results, published on Tuesday, show a reduction in losses and highlight the increasing use of artificial intelligence.

Sebastian Siemiatkowski, CEO of Klarna, expressed optimism following the results: "I am very pleased that the company has successfully completed some of the critical steps in preparation for the IPO." However, the IPO could be conditional on macroeconomic conditions. "There is currently nothing specific to Klarna that could jeopardize our IPO roadmap," said Siemiatkowski.

The coming weeks will show whether the board of Klarna will experience further internal upheavals and whether the company will be able to implement its plans for a stock market listing as planned.