Digital banking fintech firm Chime revealed on Tuesday that its revenue surged in 2024 after making public its filing for a long-awaited stock market launch.
Financial technology companies have increasingly entered the U.S. lending space, aiming to wrest market share from major players such as JPMorgan Chase (JPM.N), Bank of America (BAC.N) and Citigroup (C.N).
Chime's revenue rose to $1.67 billion in the fiscal year ended 2024, up from $1.28 billion, a year earlier.
The IPO window has reopened as markets recover sharply amid progress in trade talks, offering companies an opportunity to list their shares after months of turbulence driven by tariffs.
A strong debut by Chime could pave the way for other IPO candidates, particularly in the technology sector, to move forward with their listings.
The company has raised $2.65 billion from private investors since its inception, according to data from PitchBook. Its last fundraise round attracted high-profile investors including SoftBank Investment Advisers, General Atlantic and Tiger Global Management.
Chime was co-founded in 2012 by Chris Britt and Ryan King with the mission of disrupting the traditional U.S. banking system by reducing fees and making banking more accessible to common people.
In August 2021, Chime achieved a valuation of $25 billion during a fundraise. However, the company did not disclose the number of shares it intends to sell or the estimated price band for its listing.
The startup will trade on the Nasdaq Stock Exchange under the ticker symbol "CHYM".
Morgan Stanley, Goldman Sachs and J.P.Morgan are heading a syndicate of Wall Street investment banks chosen to underwrite the offering.
