Arab Press

بالشعب و للشعب
Saturday, Aug 02, 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

Arab Press
0:00
0:00
Close
Trump Deploys Nuclear Submarines After Threats from Former Russian President Medvedev
Germany’s Economic Breakdown and the Return of Militarization: From Industrial Collapse to a New Offensive Strategy
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
×