Klarna breaks below IPO price as fintechs extend slide

** Klarna Group KLAR.N shares fall for 4th straight day and break below IPO price for the first time on Fri, just weeks after co's impressive debut, amid recent weakness in fintech names

** The buy now, pay later firm's stock fell as much as 7.7% on the session to $38.31, compared to the $40 IPO price

** On Sept 10, KLAR shares opened at $52 before notching 15% first-day gain after co and some of its existing investors raised about $1.4 bln

** Shares of peers Affirm AFRM.O and Block XYZ.N also down 2.7% and 1.2%, respectively, on Fri

** AFRM on course for 5-day losing streak, while XYZ could drop for 4th straight day

** High-growth and technology stocks began to turn south on Mon as strong economic data increased uncertainty over whether the Fed will continue to cut interest rates, sending yields higher US/

** Rising yields can potentially dent consumer spending and increase borrowing costs for fintechs

** Klarna's IPO has once again shone a spotlight on the installment plans which have ballooned in popularity among U.S. shoppers in recent years