Digital banking platform Chime Financial filed its registration statement for its anticipated initial public offering.
The filing does not provide insight into how many shares Chime plans to sell or the pricing. It does, however, mark a significant milestone for the fintech, which is fighting towards breakeven.
Chime, which generates the vast majority of its revenue from interchange fees, reported $12.9 million of net income in the first quarter, and average revenue per user rose by 9% from a year earlier, to $251.
The company reported a 30% year-over-year revenue increase, reaching $1.67 billion in 2024. Its net loss narrowed to $25.3 million in 2024 from $203.2 million a year earlier.
Chime reported more than 38 million accounts opened to date and details strong user engagement. Many customers use Chime as their primary account—measured by direct deposit and debit card activity.
Chime said it had 8.6 million active members on March 31, with two-thirds of them relying on the fintech to serve as their primary financial relationship.
The company offers services such as Chime Workplace (financial wellness suite for employers and employees), MyPay (lets eligible members access up to $500 of their pay before payday), and Chime+ (premium membership tier with enhanced features).