Chime Files for IPO as 2024 Revenue Surges to $1.67B

Digital banking pioneer Chime has officially filed for its highly anticipated IPO, revealing a significant revenue jump to $1.67 billion in fiscal year 2024—up from $1.28 billion the year prior, reports Reuters. This move comes as fintech companies increasingly encroach on traditional banking territory, aiming to capture market share from giants like JPMorgan Chase, Bank of America, and Citigroup. Chime’s public debut could be a bellwether for other tech firms eyeing the IPO route, especially as market sentiment rebounds amid easing trade tensions and a reopened IPO window.

Founded in San Francisco in 2012 by Chris Britt and Ryan King, Chime offers mobile-first banking services and has raised $2.65 billion from private investors to date. Its impressive backers include SoftBank, General Atlantic, and Tiger Global Management. The company was last valued at $25 billion in a 2021 funding round. Despite filing, Chime has yet to disclose the number of shares it plans to offer or its pricing range. The stock will be listed on Nasdaq under the ticker “CHYM.”

Morgan Stanley, Goldman Sachs, and J.P. Morgan are leading the underwriting syndicate.

Simon Wu of Cathay Innovation, an early backer, remarked, “We led the 2017 Series B when few believed in Chime’s potential. Today’s filing is a milestone not only for Chime but for the broader vision of inclusive, tech-driven consumer finance.”