Starbucks

Starbucks' Chinese rival Luckin Coffee files for U.S. IPO

Photo: Wang Zhao/AFP/Getty Images

Luckin Coffee filed on Monday for a U.S. IPO as it tries to overtake Starbucks for coffee chain dominance in China.

The backdrop: The filing reports a 3,883% revenue increase between Q1 2018 and Q1 2019, with losses more than tripling over that same period. It comes just one week after Luckin raised $150 million at a $2.9 billion valuation in a funding round led by Blackrock, which is Starbucks' second-largest outside shareholder.

Go deeper: How Luckin is battling Starbucks in China

American, Chinese companies compete for U.S. mobile payment adoption

The race is on — between American and Chinese companies alike — to get U.S. consumers to pay for everything with their phones. But as the chart below makes plain, that market barely exists.

Adapted from CivicScience; Chart: Andrew Witherspoon/Axios