Beautiful Virgin Islands

Thursday, Jul 03, 2025

Chime prepares stock market listing as online banking grows

Chime prepares stock market listing as online banking grows

Chime has held preliminary talks with investment banks about launching a stock market flotation, which could value the financial services startup at more than $30 billion, as soon as the end of 2021, people familiar with the matter told Reuters.

Since launching in 2012, Chime has emerged as one of the fastest growing financial technology platforms in the United States. It briefly overtook online brokerage Robinhood Markets last year as the most valuable U.S. fintech “unicorn”.

San Francisco-based Chime’s chief executive, Chris Britt, said in September that it wanted to be ready for an initial public offering (IPO) in the next 12 months.

Preparations have now begun in an effort to capitalize on a boom which has seen more people banking online during the COVID-19 pandemic, the sources said on Tuesday.

Chime, which was valued at $14.5 billion in a private fundraising round in September, has raised over $1.5 billion in capital, and has more than $1 billion of cash at its disposal.

Britt said in an interview this month that it does not need to raise additional capital soon. He declined to comment on any IPO plans, but said Chime was evaluating all options.

“When we get closer to make the decision to actually go public, we will evaluate all of the potential paths to do so, including direct listings, traditional (IPOs), and SPACs.”

A special purpose acquisition company (SPAC) is a blank-check firm which seeks to merge with a privately-owned entity in a deal type that has become very common in the last year.

Britt added that Chime has “every intention of being a large, independent public company”, but has not set a timeline.

A Chime spokeswoman declined to comment on talks with banks.

ATM AVERSE


Founded by former Visa executive Britt and Comcast Corp alumnus Ryan King, Chime makes money by earning a fee from payment processors such as Visa every time a customer uses a Chime debit card. It has also launched a credit card.

It provides financial services through partnerships with brick-and-mortar banks, primarily through a Chime-branded checking account with no fees and a ‘Spot Me’ feature that allows customers to go overdrawn without penalty.

Chime has partnerships with banks such as The Bancorp Bank and Stride Bank, through which it routes deposits to customer accounts, and Britt said it has benefited from increased consumer confidence in using digital platforms during the pandemic.

While declining to disclose the number of Chime users, the company spokeswoman said the average person spent 33% more last year through Chime than in 2019.

“People don’t really want to touch ATMs anymore. People don’t want to handle cash as much as they used to. And people are getting more and more comfortable with paying for things through apps, managing their accounts through apps,” Britt said.

Chime has also drawn customers by offering Americans early access to their stimulus checks, part of what Britt called an “obsession” to support customers in a difficult time.

Over the last three stimulus cycles, Chime has routed over $6 billion of stimulus funds, including $3.5 billion to more than 1 million customers in the latest cycle, the spokeswoman said.

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
DJI Launches Heavy-Duty Coaxial Quadcopter with 80 kg Lift Capacity
U.S. Senate Approves Major Legislation Dubbed the 'Big Beautiful Bill'
Largest Healthcare Fraud Takedown in U.S. History Announced by DOJ
Poland Implements Border Checks Amid Growing Migration Tensions
Political Dispute Escalates Between Trump and Musk
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
US Senate Votes to Remove AI Regulation Moratorium from Domestic Policy Bill
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
Jury Deliberations in Diddy Trial Yield Partial Verdict in Serious Criminal Charges
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
King Charles Plans Significant Role for Prince Harry in Coronation
Two Chinese Nationals Arrested for Espionage Activities Against U.S. Navy
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
Trump Administration Considers Withdrawal of Funding for Hospitals Providing Gender Treatment to Minors
Texas Enacts Law Allowing Gold and Silver Transactions
China Unveils Miniature Insect-Like Surveillance Drone
OpenAI Secures Multimillion-Dollar AI Contracts with Pentagon, India, and Grab
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Elon Musk Critiques Senate Budget Proposal Over Job Losses and Strategic Risks
Los Angeles Riots ended with Federal Investigations into Funding
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Education Secretary Announces Overhaul of Complaints System Amid Rising Parental Grievances
Massive Anti-Government Protests Erupt in Belgrade
Trump Ends Trade Talks with Canada Over Digital Services Tax
UK Government Softens Welfare Reform Plans Amid Labour Party Rebellion
Labour Faces Rebellion Over Disability Benefit Reforms Ahead of Key Vote
Jeff Bezos and Lauren Sánchez Host Lavish Wedding in Venice Amid Protests
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
North Korea to Open New Beach Resort to Boost Tourism Economy
UK Labour Party Faces Internal Tensions Over Welfare Reforms
Andrew Cuomo Hints at Potential November Comeback Amid Democratic Primary Results
Curtis Sliwa Champions His Vision for New York City Amid Rising Crime Concerns
Federal Reserve Proposes Changes to Capital Rule Affecting Major Banks
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Trump Escalates Criticism of Media Over Iran Strike Coverage
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
Big Four Accounting Firms Fined in Exam Cheating Scandal
NATO Members Agree to 5% Defense Spending Target by 2035
Australia's Star Casino Secures $195 Million Rescue Package Amid Challenges
UK to Enhance Nuclear Capabilities with Acquisition of F-35A Fighter Jets
×