Chime Files for Nasdaq IPO Under CHYM, Reports $12.4M Net Income on $518.7M Revenue
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Chime, a financial technology company founded in 2012 and based in San Francisco, has filed for an initial public offering (IPO) on the Nasdaq under the ticker symbol CHYM. The filing comes amidst a backdrop of a recovering IPO market, with Chime joining other tech companies in testing investor appetite for new listings.
In the first quarter, Chime reported a net income of $12.4 million on revenues of $518.7 million, marking a 32% increase in revenue from the previous year. The company's growth is driven by its 8.6 million active members, a 23% year-over-year increase, with an average revenue per active member of $251. Chime's membership includes 55% female members with an average age of 36, and around two-thirds of them consider Chime their primary financial relationship.
Chime positions itself as a technology company rather than a bank, despite competing with major financial institutions like Bank of America and JPMorgan Chase. The company generates revenue through interchange fees from transactions made with Chime debit and credit cards, facilitated by partner banks. Chime also offers eligible members the ability to borrow up to $500 with a fixed interest rate of $5 for every $100 borrowed, without charging late fees or compound interest.
The IPO filing indicates Chime's readiness to go public, a move anticipated since its co-founder and CEO, Chris Britt, mentioned in 2020 that the company would be IPO-ready within the next 12 months. Chime's filing is seen as a signal of confidence in the market's recovery from the downturn experienced in late 2021 due to rising inflation and interest rates. Chime ranked 22nd on CNBC's 2024 Disruptor 50 list and has investors including Crosslink Capital, DST Global, General Atlantic, Iconic Strategic Partners, and Menlo Ventures.
Chime files for a Nasdaq IPO under the symbol CHYM, reporting 8.6M active members at the end of March, up 23% YoY, and average revenue per active member of $251 (CNBC)
Chime filed their S-1
They are on pace for >$2B in revenue this year, close to profitability.
8.6M Active members, 67% of them use it as primary account.
They make $251 per active member, with an 88% gross margin.
Chime Financial filed publicly for an IPO, joining a growing number of candidates looking to go public in the brief window before the typical summer lull
Chime filed their S-1
They are on pace for >$2B in revenue this year, close to profitability.
8.6M Active members, 67% of them use it as primary account.
They make $251 per active member, with an 88% gross margin.
Chime files for a Nasdaq IPO under the symbol CHYM, reporting 8.6M active members at the end of March, up 23% YoY, and average revenue per active member of $251 (CNBC)
Fintech Chime has filed to go public. Not profitable but losses narrowing. Solid sales growth. Revenues up 32% in first quarter and 31% in 2024. Proposed ticker of $CHYM. S-1 filing here.
Chime Financial filed publicly for an IPO, joining a growing number of candidates looking to go public in the brief window before the typical summer lull
