AF R Article on Klarna's performance in Australia, page-12

Lots of smoke and mirrors in that Klarna valuation I’d say. They did a raising a few months back at a see through of US$31b and now are doing another one at $40-50b. As a private company, there’s lots of incentive for existing shareholders to increase the valuation at each raising round to try and maximise the eventual IPO price. Ultimately the higher the valuation of Klarna, the better for Afterpay.