2025-09-02 16:01
Sept 2 (Reuters) - Figure Technologies is targeting a valuation of up to $4.13 billion in its initial public offering, the blockchain lender said on Tuesday, becoming the latest crypto firm to capitalize on revived investor interest in new listings. Renewed regulatory clarity and strong inflows into crypto-focused exchange-traded funds have accelerated institutional adoption of digital assets, while successful debuts by crypto exchange Bullish (BLSH.N) , opens new tab and stablecoin issuer Circle(CRCL.N) , opens new tab have encouraged other firms to go public. Sign up here. Figure and some of its existing investors plan to sell 26.3 million shares in the IPO at prices expected to be between $18 and $20, aiming to raise up to $526.3 million. Earlier on Tuesday, Swedish fintech Klarna and Gemini, the cryptocurrency exchange backed by the Winklevoss twins, also launched roadshows. "With the current administration strongly supportive of the space, the (IPO) pipeline is likely to remain active for well-structured, compliance-forward players," IPOX CEO Josef Schuster said. Co-founded in 2018 by technology entrepreneur Mike Cagney, Figure operates a blockchain-native platform for lending, trading and investing in consumer credit and digital assets. The company says it funds home equity loans in just 10 days, compared to the industry average of 42 days. The company swung to a profit of $29 million for the six months ended June 30, compared with a loss of $13 million in the same period a year earlier. "Investors in this space tend to be patient because they see the long-term potential—especially with regulatory hurdles starting to clear and adoption continuing to grow," said Jeff Zell, senior research analyst at IPO Boutique. Goldman Sachs, Jefferies and BofA Securities are the lead underwriters. Figure will list on the Nasdaq under the symbol "FIGR". https://www.reuters.com/business/blockchain-lender-figure-seeks-up-41-billion-valuation-us-ipo-2025-09-02/
2025-09-02 14:21
Sept 2 (Reuters) - Sequoia Capital-backed Klarna said on Tuesday it was aiming for a U.S. listing valuing the fintech at up to $14 billion moving closer to its long-awaited market debut, as investor interest in high-growth tech stocks revives after a years-long dry spell. Companies that postponed going public are returning to test investor interest, supported by steadier markets and improving confidence. Sign up here. Several tech listings, including neo-bank Chime (CHYM.O) , opens new tab and stablecoin issuer Circle (CRCL.N) , opens new tab, have attracted solid demand, signaling a cautious revival in activity. The buy now, pay later lender and some of its investors plan to sell 34.3 million shares in the IPO at prices expected to be between $35 and $37, aiming to raise up to $1.27 billion. Klarna drew investor attention as its valuation soared from $5.5 billion to more than $45 billion in just two years, fueled by three funding rounds between mid-2020 and 2021. CEO Sebastian Siemiatkowski had also considered a direct listing - a route that avoids selling new shares as well as the costs of a traditional IPO - in 2021. However, it shelved the plan and instead raised funds at a sharply reduced $6.7 billion valuation. Stockholm, Sweden-based Klarna, which transformed online shopping with its short-term financing model, was founded in 2005 - when e-commerce was in its nascence - and reached unicorn valuation in 2012. BNPL services let shoppers split purchases into smaller, interest-free instalments over weeks or months, instead of paying upfront. The payments sector has also so far largely escaped the impact of tariffs, with consumer spending showing resilience across major economies. Fintechs such as Klarna are gaining market share from traditional banks by offering faster, more flexible payment options and digital-first services that appeal to younger consumers, with analysts expecting the growth of BNPL and similar products to accelerate as e-commerce expands worldwide. The company counts Silicon Valley venture capital giant Sequoia among its most prominent and longtime shareholders. BELLWETHER EVENT Analysts have said a successful Klarna IPO could indicate renewed investor confidence in high-growth fintech companies, while a tepid response may signal concerns over lofty valuations and sector regulation. The company, which has been eyeing a New York listing for years, paused its plans in April due to choppy global markets after U.S. President Donald Trump announced sweeping tariffs on major trading partners. Besides Sequoia, one of the fintech's top shareholders is Danish billionaire Anders Holch Povlsen's Heartland A/S, the parent company of fashion brands Only and Vero Moda. Klarna's push into the U.S. highlights the growing demand for these services, especially among younger shoppers seeking flexible payment options. It has also launched banking products and partnered with leading global brands such as fast-fashion retailers Zara and H&M (HMb.ST) , opens new tab, luxury-bag maker Coach and cosmetics giant Sephora. Still, the BNPL model faces risks in a high-inflation environment, with potential credit losses and limited tracking of users' credit profiles raising concerns about profitability and long-term consumer resilience. The company had about 111 million active consumers and roughly 790,000 merchants in 26 countries as of June 30. Klarna has applied to trade on the New York Stock Exchange under the ticker symbol "KLAR". Goldman Sachs, J.P.Morgan and Morgan Stanley are the lead underwriters. https://www.reuters.com/business/finance/swedens-klarna-targets-up-14-billion-valuation-eagerly-awaited-us-ipo-2025-09-02/
2025-09-02 14:02
MOSCOW, Sept 2 (Reuters) - Russia has made substantial progress in fighting inflation, Alexei Zabotkin, deputy governor of the central bank, said on Tuesday, ahead of a rate-setting meeting scheduled for September 12. Last year, the central bank hiked its key rate to 21%, the highest level since the early 2000s, in order to bring down inflation in an economy overheated by state spending related to the conflict in Ukraine. Sign up here. As a result Russia's economic growth has slowed sharply, to an expected 1.2% for 2025 from 4.3% last year, while the rouble has strengthened by over 40% against the U.S. dollar, helping to bring inflation down by making imported goods cheaper. The central bank, accused by some business leaders of stifling the economy by making credit too expensive, began cutting the key rate in June. It is now at 18%, a level still seen by critics as too high to revive growth. Annual consumer price inflation was 8.79% in July, down from 9.40% in June. The central bank expects the inflation rate to fall to its target of 4% in 2026. "Can we speak of a victory over inflation? We can probably speak of substantial progress in reducing inflation compared to the situation at the end of 2024," Zabotkin told a news conference. "But it is still premature to assert that the sustainable pace of price growth and persistent inflationary pressure have already fallen to the target of 4% on a seasonally adjusted annualised basis," he added. Zabotkin said that the central bank is exercising caution in its assessments of inflation reduction to ensure they are not overly premature or overly optimistic. https://www.reuters.com/markets/europe/russia-has-made-substantial-progress-fighting-inflation-central-bank-official-2025-09-02/
2025-09-02 14:01
Brazil's economy up 0.4% in April-June period on quarterly basis Services rose 0.6%, supported by strong labor market Household consumption slowed but still grew BRASILIA, Sept 2 (Reuters) - Brazil's economy lost momentum in the second quarter but still outperformed market expectations, driven by resilient services activity and gains in the extractive industry, official data showed on Tuesday. Gross domestic product in Latin America's largest economy grew 0.4% in the April-to-June period from the previous quarter, statistics agency IBGE said, above the 0.3% expansion expected by economists in a Reuters poll. Sign up here. That reading marked a steep slowdown from the revised 1.3% growth reported for the first quarter, when seasonal farm output boosted performance in the agricultural powerhouse. Gustavo Rostelato, an economist at Armor Capital, said that despite a slight upside surprise, the GDP data provided few new elements, showing a gradual slowdown in household consumption. On a year-over-year basis, GDP expanded 2.2%, in line with expectations in the Reuters poll. Liam Peach, a senior emerging markets economist at Capital Economics, said weaker Brazilian growth supports an improving inflation outlook that is likely to continue in the coming quarters, creating room for the central bank to begin cutting interest rates around the end of this year. "Overall, we expect GDP growth of around 0.3% q/q in the coming quarters, with full-year growth for 2025 at 2.3%, and below 2.0% next year," he noted. Brazil's central bank has lifted its benchmark interest rate by 450 basis points since September to 15%, near a two-decade high, and held that rate steady in July. Policymakers signaled plans to maintain this stance for a "very prolonged" period to curb inflation as the domestic economy shows signs of moderating growth amid mixed data across sectors and indicators. Following the release of the data, the Finance Ministry flagged a slight downward bias to its 2.5% growth forecast for this year, after the 3.4% expansion recorded in 2024, citing a sharper-than-expected second-quarter deceleration and the lagged effects of monetary tightening. Household consumption rose 0.5% in the second quarter from the previous quarter, supported by measures from President Luiz Inacio Lula da Silva's government to sustain wage gains, though growth slowed sharply from a 1.0% increase in the previous quarter. Investments as measured by gross fixed capital formation fell 2.2% in the second quarter after driving growth in the first quarter, pressured by high borrowing costs. Government consumption declined 0.6%. On the supply side, services, which account for about 70% of Brazil's GDP, expanded 0.6% from the prior three months, underpinned by a robust labor market. Industrial production rose 0.5%, helped by a 5.4% increase in extractive industries, and farming output slipped 0.1%. https://www.reuters.com/world/americas/brazils-economy-slows-sharply-second-quarter-still-beats-forecasts-2025-09-02/
2025-09-02 12:47
MOSCOW, Sept 2 (Reuters) - Kazakhstan's daily crude oil output, excluding gas condensate, a type of light oil, rose to 1.88 million barrels per day (bpd) in August from 1.84 million bpd in July, a source familiar with the data told Reuters on Tuesday. Kazakh crude oil output last month rose 2% from July on a daily basis, according to Reuters calculations. Sign up here. The level was above Kazakhstan's quota of 1.53 million bpd for August under a deal agreed with oil producer group OPEC+. Kazakhstan has for several months been producing above its quotas set by OPEC+, which groups the Organization of the Petroleum Exporting Countries and other producers led by Russia. Total oil and gas condensate production in Kazakhstan rose to 2.15 million bpd last month from 2.09 million bpd in July, said the source, speaking on condition of anonymity because of the sensitivity of the issue. Kazakhstan's Energy Ministry did not reply to a Reuters request for a comment. https://www.reuters.com/business/energy/kazakhstans-oil-output-rises-2-august-source-says-2025-09-02/
2025-09-02 12:45
Sept 2 (Reuters) - Plains All American Pipeline (PAA.O) , opens new tab and Plains GP Holdings (PAGP.O) , opens new tab on Tuesday said it has agreed to buy a 55% stake in pipeline operator EPIC Crude Holdings from units of Diamondback Energy (FANG.O) , opens new tab and Kinetik Holdings for $1.57 billion, including debt. Reuters in August reported the owners of the pipeline were looking for a sale, according to sources familiar with the matter. Sign up here. EPIC Crude is one of the major pipelines that brings oil from the Permian and Eagle Ford shale basins of Texas to export facilities on the U.S. Gulf Coast. It has a capacity of 600,000 barrels per day (bpd), which is expandable up to 1 million bpd, and has around 7 million barrels of operational storage. The transaction is expected to be completed by early 2026. https://www.reuters.com/business/energy/plains-buy-stake-epic-crude-16-billion-oil-pipeline-deal-2025-09-02/
