Chime

Chime Financial, Inc. provides mobile banking services, including checking and savings accounts, debit and secured credit cards, and the MyPay pay advance product, delivered through partner banks rather than a bank charter of its own. The company was founded in 2012 by Chris Britt, who serves as chief executive, and Ryan King, and is headquartered at 101 California Street in San Francisco. It focuses on Americans earning roughly $100,000 a year or less, and its prospectus reported 8.6 million Active Members as of March 31, 2025, with 67% using Chime as their primary financial relationship.

Chime's prospectus lists preferred stock from a seed round through Series G, with aggregate liquidation preference of about $2.9 billion. Cathay Innovation led the Series B in 2017 at $0.47 per share. ICONIQ first invested in the 2019 Series D at $5.22 per share, when Chime was valued at about $1.5 billion. A Series E of about $700 million followed in December 2019. In September 2020 Chime raised a $485 million Series F at a $14.5 billion valuation, with Coatue, ICONIQ, Tiger Global, Whale Rock Capital, General Atlantic, Access Technology Ventures, Dragoneer and DST Global participating. In August 2021 Sequoia Capital Global Equities led a $750 million Series G at a $25 billion valuation.

Chime priced its initial public offering on June 11, 2025 at $27 per share, above the expected range, and began trading on Nasdaq on June 12. It raised about $700 million in new capital while existing holders sold about $165 million of stock, and the pricing valued the company at about $11.6 billion; shares closed the first day at $37.11. Revenue grew from $1.01 billion in 2022 to $1.67 billion in 2024, and the company reported $2.2 billion of revenue for 2025. At the offering, the largest outside holders were entities affiliated with DST Global (17.1% of Class A stock before the offering), Crosslink Capital (9.5%), Access Industries (6.4%), General Atlantic (6.3%), Menlo Ventures (5.7%) and Cathay Innovation (5.0%).

Chime shows how late-stage pricing and public-market pricing can diverge. Investors who entered at the 2017 Series B or 2019 Series D bought below $6 per share and saw a $27 IPO price roughly eight and six years later, while the $25 billion Series G priced at $69.07 per share sits well above the IPO valuation. Early backers including Crosslink Capital, Menlo Ventures and Cathay Innovation remained among the largest holders through the listing, and ICONIQ said it did not sell shares in the offering.