Lemonade ended 2025 up 95% thanks to improving financials. Their in-force premium grew 30% and the gross loss ratio dropped from 77% to 67%. That is well under their 75% target and helped them hit positive adjusted free cash flow. The author thinks Klarna is set for a move in 2026. It is down 25% since the IPO but US revenue is up 51%. They are expanding beyond BNPL with 4 million debit card signups and new partnerships with Apple Pay and Coinbase.