Chime Financial, which provides a mobile banking platform that offers fee-free accounts and financial tools, raised $864 million by offering 32 million shares (19% secondary) at $27, above the range of $24 to $26. At pricing, the company commands a fully diluted market value of $11.4 billion.
Chime is going public on the heels of two large IPOs from VC-backed fintechs, Circle (CRCL) and eToro (ETOR), both of which priced above their respective ranges and traded up on their debuts.
By deal size, Chime is the second-largest VC-backed IPO of the past three years, behind Circle. By initial market cap at offering, Chime is the largest VC-backed listing since December 2021.
Through a broad suite of products, Chime has 8.6 million Active Members, and the company states that 67% of them use Chime 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. The company has expanded with new products, including its fee-free overdraft protection (SpotMe) and its pre-payday line of credit (MyPay).
The San Francisco, CA-based company will trade 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 acted as joint bookrunners on the deal.
