Chime Financial, which provides a mobile banking platform offering fee-free accounts and financial tools, announced terms for its IPO on Monday.
The San Francisco, CA-based company plans to raise $800 million by offering 32 million shares (19% secondary) at a price range of $24 to $26. At the midpoint of the proposed range, Chime Financial would command a fully diluted market value of $10.5 billion.
Through its broad suite of products, Chime has built relationships with 8.6 million Active Members, with 67% of them relying on Chime to serve as their primary financial relationship as of March 31, 2025. The company believes this positions it as its members' central financial hub, making Chime the platform through which members consistently deposit their paychecks and conduct their everyday spend. In the first quarter of 2025, its Active Members used Chime for an average of 54 transactions per month, of which 75% were purchase transactions using Chime-branded debit and credit cards.
Chime Financial was founded in 2012 and booked $1.8 billion in revenue for the 12 months ended March 31, 2025. It plans to list on the Nasdaq under the symbol CHYM. Morgan Stanley, Goldman Sachs, J.P. Morgan, Barclays, Evercore ISI, UBS Investment Bank, Deutsche Bank, Piper Sandler, Nomura Securities, and WR Securities are the joint bookrunners on the deal. It is expected to price during the week of June 9, 2025.
