Chime, the consumer financial technology company, filed paperwork Tuesday to go public on the Nasdaq under the ticker symbol "CHYM," revealing detailed financials and strategic partnerships as it prepares for one of the year's most closely watched initial public offerings.
The company disclosed a 2024 revenue of $1.67 billion and narrowed its losses to $25 million, down sharply from a $203 million loss on nearly $1.3 billion in revenue in 2023. In the first quarter of 2025, Chime reported $518.7 million in revenue and net income of $12.9 million, representing a 32% increase in revenue year over year.
Chime was last valued at $25 billion in 2021 and has raised $2.65 billion as a private company, according to PitchBook. Investors include DST Global, General Atlantic, Crosslink Capital, Iconiq, Menlo Ventures, Access Industries, and the Sino French Innovation Fund.
The IPO filing also revealed a $33 million sponsorship deal with the Dallas Mavericks, tied to Chime board member Cynthia Marshall, who served as the Mavericks' CEO from 2018 to December 2024. The three-year agreement (2022-2024) placed Chime's logo on the team's jersey and provided extensive marketing exposure. The deal's financial impact was significant enough that, without it, Chime noted it might have already turned a profit.
Chime emphasized in its filing that it is a "technology company, not a bank." While not an FDIC member, it partners with banks to offer consumer checking, savings, debit, and credit card products. Revenue is primarily derived from interchange fees-charges applied to merchants during card transactions, which are passed along from partner banks to Chime.
The company said it serves 8.6 million active members, a 23% increase year over year. Average revenue per user reached $251, up from $231. More than half of its users are female, with an average member age of 36. Roughly two-thirds of its customers consider Chime their "primary financial relationship," defined by usage patterns such as 15 or more monthly purchases or direct deposits of at least $200.
Chime operates solely in the U.S. and offers a suite of digital services, including:
- High-yield savings accounts
- Fee-free overdraft protection through SpotMe, up to $200
- Payday advance of up to $500 with no late fees or compounding interest
- Free tax filing and early wage access
- Microloans with a fixed $5 fee per $100 borrowed
- SpotMe Boosts that allow users to increase others' overdraft limits by $20 monthly
"Since we launched SpotMe in 2019, overdraft fee revenue industry-wide has decreased," the company said in its prospectus.
Chime's S-1 filing did not specify the number of shares it intends to offer or its target price range, but IPO specialist Renaissance Capital projects it could raise up to $1 billion. The company has assembled a high-profile group of underwriters, including Morgan Stanley, Goldman Sachs, and JP Morgan.
Founded in 2012 and headquartered in San Francisco, Chime employs 1,465 people and ranked 22nd on CNBC's 2024 Disruptor 50 list. CEO Chris Britt previously told CNBC the company was ready to go public in 2020, but inflation-driven market shifts in 2021 delayed the offering. The company now appears to be testing investor appetite for high-growth fintech in a recovering IPO environment.
