(Bloomberg) -- Trustly Group AB is planning to raise 8 billion kronor ($934 million) in a stock-market listing as the Swedish payment firm becomes the latest fintech to see its fortunes transformed by a surge in demand for online services.

The listing on Nasdaq Stockholm is expected to be completed in the second quarter and “represents an important stage in the development of the company,” according to a statement on Monday.

Trustly, whose biggest shareholders include Nordic Capital and BlackRock Inc., is part of a tech industry that’s ridden a wave of intense growth during the pandemic. Klarna Bank AB, another Swedish payments firm, last month raised $1 billion, giving it a valuation of over $30 billion. Like Klarna, Trustly has enjoyed rapid expansion in the U.S., where its revenue grew almost 300% at the end of 2020.

“Trustly is today a global leader in digital account-to-account payments, powering the shift to a cardless society,” Trustly Chief Executive Officer Oscar Berglund said in the statement.

As recently as last month, Berglund said the firm was keeping its strategic options open. But after the latest talks with investors, the initial public offering could now go ahead within weeks. In a March interview, Berglund said he expects the shift from offline to online commerce to stick after the pandemic.

But bankers arranging the offering will be mindful of the recent flop by Deliveroo Holdings Plc, which on Friday saw its shares trade a third below its IPO price amid concern demand for its services could ease as economies in Europe reopen.

Carnegie Investment Bank, Goldman Sachs Bank and JPMorgan have been appointed joint global coordinators for Trustly’s listing.

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