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Digital banking fintech firm Chime disclosed a rise in 2024 revenue in its IPO filing on Tuesday for a long-awaited U.S. stock market launch. Financial technology companies have increasingly entered the U.S. lending space, aiming to wrest market share from major players such as JPMorgan Chase, Bank of America and Citigroup. Chime’s revenue rose to $1.67 billion in the fiscal year ended 2024, up from $1.28 billion, a year earlier. The IPO window has reopened as markets recover sharply amid progress in trade talks, offering companies an opportunity to list their shares after months of turbulence driven by tariffs. A strong debut by Chime could pave the way for other IPO candidates, particularly in the technology sector, to move forward with their listings. “We led the 2017 Series B when few Silicon Valley investors believed, driven by our conviction that Chime could become a category-defining company,” said Simon Wu from Cathay Innovation. “Today’s IPO filing marks an exciting new chapternot just for Chime, but for the future of inclusive, technology-driven consumer finance.” San Francisco-based Chime, cofounded by Chris Britt and Ryan King in 2012, provides financial services via a mobile app. The company has raised $2.65 billion from private investors since its inception, according to data from PitchBook. Its last fundraise round attracted high-profile investors including SoftBank Investment Advisers, General Atlantic and Tiger Global Management. In August 2021, Chime achieved a valuation of $25 billion during a fundraise. However, the company did not disclose the number of shares it intends to sell or the estimated price band for its listing. The startup will trade on the Nasdaq Stock Exchange under the ticker symbol “CHYM”. Morgan Stanley, Goldman Sachs and J.P.Morgan are heading a syndicate of Wall Street investment banks chosen to underwrite the offering. Jaiveer Shekhawat and Manya Saini, Reuters
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E-Commerce
Ikea just debuted its first-ever rewards program for customers in the U.S., and it could mean a major discount on your next plate of Swedish meatballsor even a price cut on a new vintage-inspired piece of furniture. The rewards program launches today, and it allows shoppers to accrue points for a range of actions and then redeem them for various discounts. The rewards are a free add-on to Ikea Family, the stores existing loyalty program (which is also free to join and currently boasts around 24 million members). Any current members of Ikea Family will automatically be enrolled in the rewards program, and new members who sign up will start earning points automatically. Like most rewards programs, the points system is designed to give shoppers a feel-good boost every time they interact with the Ikea brand. For a company that thrives on cultivating a dedicated fan base through frequent product drops, a store layout designed to cultivate an experience, and plenty of nostalgic callbacks, its a move that feels like it’s been a long time coming. New system reflects how consumers expect to shop Currently, members of Ikea Family gain access to a few benefits including reduced delivery fees, discounts on certain products, complimentary in-store beverages, and free in-store workshops. According to Nicole King, customer engagement and loyalty manager at Ikea U.S., the new rewards are meant to recognize and add more value for this core set of Ikea devotees. The U.S. will join Ikea stores in Portugal, Australia, and Italy, which have already introduced the rewards program to shoppers. We are working to create a more accessible and convenient retail experience for our customers, King says. Meeting them with a rewards offer that allows them to earn points for interacting with Ikea reflects how consumers expect to shop today. How the Ikea rewards points work There are a variety of ways that members can earn points. To start, every dollar spent online and in person equals 1 point; sharing a gift registry earns 10; and logging into an online account or saving a wish list scores 25. Bigger actions like attending an Ikea event, creating an Ikea Family profile, or making a gift registry garner 50 points. As these points tally up, they can then be redeemed for a range of perksthough it might take some time, or a lot of aspirational online shopping, to earn anything substantial. At 65 points, members can grab free food at the Ikea Restaurant and Bistro; 175 points allows for a $5 discount on product purchases. And starting at 350 points and more, members can receive $10 off delivery. Beyond 350 points, King says, other potential earnings could include $20 off a product or delivery and $50 off an assembly service. Rewards from Ikea Family is based on helping customers bring their ideas to life throughout the journey of dreaming, planning, and implementing their projects, King explains. Its the first step in redefining how we work with loyalty and member engagement in order to enable and sustain a lifetime value for both members and Ikea. The new program won’t exactly reinvent the wheel, but it might just help draw Ikea’s cult following even closer.
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E-Commerce
President Donald Trump told Gulf leaders on Wednesday he urgently wants “to make a deal” with Iran to wind down its nuclear program but Tehran must end its support of proxy groups throughout the region as part of any potential agreement.Iran “must stop sponsoring terror, halt its bloody proxy wars and permanently and verifiably cease pursuit of nuclear weapons,” Trump said in remarks at a meeting of leaders from the Gulf Cooperation Council hosted by Crown Prince Mohammed bin Salman in the Saudi capital. “They cannot have a nuclear weapon.”The U.S. and Iran have engaged in four rounds of talks since early last month focused on Iran’s nuclear program. Trump has repeatedly said that he believes brokering a deal is possible but that the window is closing.The Republican president’s strongly worded push on Iran to cease support of Hamas in Gaza, Hezbollah in Lebanon and the Houthis in Yemen come as its proxy network has faced significant setbacks in the 19 months since Hamas launched its Oct. 7, 2023, attack on Israel.In Iran, Foreign Minister Abbas Araghchi called Trump’s remarks “deceitful” but did not directly address the U.S. leader’s call on Iran to cease support of proxy groups.Trump added that he believed the moment was ripe “for a future free from the grip of Hezbollah terrorists.” Hezbollah is severely weakened after its war last year with Israel in which much of its top leadership was killed, and after losing a key ally with the fall of former Syrian President Bashar Assad, a conduit for Iran to send arms. Lifting sanctions on Syria Trump’s comments on Iran came after he met Wednesday with Syrian President Ahmad al-Sharaa, a face-to-face engagement with the onetime insurgent leader who spent years imprisoned by U.S. forces after being captured in Iraq.Trump agreed to meet al-Sharaa at the end of his stay in Saudi Arabia. He was headed next to Qatar, where he will be honored with a state visit. His Mideast tour also will take him to the United Arab Emirates.Al-Sharaa was named president of Syria in January, a month after a stunning offensive by insurgent groups led by al-Sharaa’s Hayat Tahrir al-Sham, or HTS, stormed Damascus and ended the 54-year rule of the Assad family.Trump said he decided to meet with al-Sharaa after being encouraged to do so by Prince Mohammed and Turkish President Recep Tayyip Erdogan. He also pledged to lift yearslong sanctions on Syria.“The sanctions were really crippling and very powerful,” Trump said. “It’s not going to be easy anyway, so it gives them a good, strong chance” to rebuild the country, he added.Prince Mohammed joined Trump and al-Sharaa for the meeting, which lasted 33 minutes. Erdogan also took part in the talks via video conference.The prince said Trump’s decision to engage with al-Sharaa and lift the sanctions will “alleviate the suffering of the Syrian people” and spur a “new chapter” for the nation.Formerly known by the nom de guerre Abu Mohammed al-Golani, al-Sharaa joined the ranks of al-Qaida insurgents battling U.S. forces in Iraq after the U.S.-led invasion. He still faces a warrant for his arrest on terrorism charges in Iraq. The U.S. once offered $10 million for information about his whereabouts because of his links to al-Qaida.Al-Sharaa returned to his home country of Syria after the conflict began in 2011 and led al-Qaida’s branch called the Nusra Front. He changed the name of his group to Hayat Tahrir al-Sham and cut links with al-Qaida.The sanctions go back to the rule of Assad, who was ousted in December, and were intended to inflict major pain on his economy.Both the Biden and Trump administrations left the sanctions in place after Assad’s fall as they sought to take the measure of al-Sharaa. State visit to Qatar After meeting with members of the GCCwhich includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab EmiratesTrump was heading to Qatar, the second stop in his Mideast tour.Qatar, like the other Gulf Arab states, is an autocratic nation where political parties are banned and speech is tightly controlled. It is overseen by its ruling emir, Sheikh Tamim bin Hamad Al Thani. Sheikh Tamim took power in June 2013 when his father stepped down.Qatar has also played a central role in pay-to-play-style scandals around the globe.In Israel, authorities are investigating allegations that Qatar hired close advisers to Israeli Prime Minister Benjamin Netanyahu to launch PR campaigns to improve the Gulf nation’s image among Israelis.Two European Union lawmakers were accused of taking money from Doha in a scandal dubbed “Qatar-gate.” U.S. prosecutors in 2020 accused Qatar of bribing FIFA executive committee members to secure the tournament in the country in 2022.In 2024, RTX Corp., the defense contractor formerly known as Raytheon, agreed to pay more than $950 million to resolve allegations that it defrauded the U.S. government and paid bribes to secure business with Qatar. Doha always has denied wrongdoing.Qatar follows an ultraconservative form of Sunni Islam known as Wahhabism born out of Saudi Arabia. However, Qatar struck a different tack in the Arab Spring by backing Islamists, including Egypt’s Muslim Brotherhood and former Egyptian President Mohammed Morsi, as well as those who rose up against Assad.Its support of Islamists, in part, led to a yearslong boycott of the country by Bahrain, Egypt, Saudi Arabia and the United Arab Emirates. That boycott only ended as then-President Joe Biden prepared to enter the White House in 2021.Qatar also has served as a key mediator, particularly with the militant group Hamas as the international community pursues a ceasefire for the Israel-Hamas war in the Gaza Strip. Qatar also served as host of the negotiations between the United States and the Taliban that led to America’s 2021 withdrawal from Afghanistan.Qatar is home to Al-Udeid Air Base, a sprawling facility that hosts the forward headquarters of the U.S. military’s Central Command.The oil-rich country is also in the center of a controversy over its offer to provide Trump with the gift of a luxury Boeing 747-8 that the U.S. could use as Air Force One while new versions of the plane are under construction by Boeing.The Qatari government has said a final decision hasn’t been made. But Trump has defended the idea even as critics argue it would amount to a president accepting an astonishingly valuable gift from a foreign government.Trump has indicated he would refurbish the aircraft and it would later be donated to his post-White House presidential library. He says he would not use the plane once he leaves office. AP writers Suzan Fraser in Ankara, Turkey, Tia Goldenberg in Tel Aviv and Nasser Karimi in Tehran, Iran contributed. Zeke Miller, Jon Gambrell and Aamer Madhani, Associated Press
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E-Commerce
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