Chime Files for Nasdaq IPO Under Ticker CHYM

San Francisco, CA – Financial technology company Chime filed paperwork on Tuesday to go public on the Nasdaq, planning to list under the ticker symbol “CHYM.” The company is not a bank and does not hold membership with the U.S. Federal Deposit Insurance Corp., according to its statement.

In its filing, Chime pointed out that it competes with established institutions such as Bank of America, Capital One, Citibank, JPMorgan Chase, PNC Bank, and Wells Fargo. Many of Chime’s new members who use direct deposit were previously customers of these large banks.

Chime generates its revenue through interchange fees from transactions made with its debit and credit cards. These fees are a percentage of the transaction value and are set by card networks. The banks then pass a portion of these fees to Chime.

In the most recent quarter, Chime reported $12.4 million in net income on $518.7 million in revenue, marking a 32% increase. As of the end of March, the company had 8.6 million active members, which represents a 23% year-over-year growth. The average revenue per active member increased to $251 from $231. Chime serves members across all 50 states, with 55% of its user base being female and an average member age of 36.

Following a slow period for initial public offerings (IPOs), some companies are looking to enter the market. IPO activity gained some momentum after President Donald Trump‘s return to office in January. Although announcements like Trump’s tariffs in April caused market turbulence, companies like Chime are still pushing ahead with their plans.

Chime’s public filing indicates a growing interest among tech firms to gauge market conditions. Last month, design software company Figma also announced intentions for an IPO. Chime’s CEO Chris Britt previously mentioned in 2020 his hopes for an IPO within a year, but market conditions shifted negatively in late 2021 due to rising inflation and increasing interest rates.

Founded in 2012 and based in San Francisco, Chime was ranked 22nd on CNBC’s list of privately held companies. Notable investors in Chime include Crosslink Capital, DST Global, General Atlantic, Iconic Strategic Partners, and Menlo Ventures.

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