Fintech company Chime has officially filed for an initial public offering (IPO) on the Nasdaq, planning to list under the ticker symbol “CHYM.” The move marks a significant milestone for the San Francisco-based financial technology firm, which has rapidly grown into one of the most popular digital banking alternatives in the U.S.
In its prospectus, Chime emphasized that it is a technology company—not a traditional bank—and is not a member of the Federal Deposit Insurance Corporation (FDIC). However, it competes directly with major financial institutions like JPMorgan Chase, Bank of America, Wells Fargo, Capital One, Citibank, and PNC Bank. Most new Chime members who opt for direct deposit were previously banking with these incumbent players, signaling the platform’s disruptive impact on legacy banking systems.
Chime generates the majority of its revenue from interchange fees—the fees that merchants pay for card transactions. These fees are collected by banks issuing the cards and then shared with Chime, typically consisting of a percentage of the transaction plus a fixed amount determined by card networks such as Visa.
In the first quarter of 2025, Chime posted $518.7 million in revenue, reflecting a 32% year-over-year growth. Net income reached $12.9 million, a slight decline from the $15.9 million reported in the previous year’s quarter, indicating continued investment in member acquisition and technology upgrades.
Chime’s user base continues to expand. By the end of March 2025, the platform boasted 8.6 million active members—an increase of 23% from the year before. Average revenue per active member climbed to $251, up from $231, highlighting improved user engagement. The company serves members across all 50 states, with 55% of its members being female and an average member age of 36.
Notably, two-thirds of users consider Chime their “primary financial relationship,” meaning they use Chime for frequent purchases or receive qualifying direct deposits. Chime members benefit from fee-free access to over 45,000 ATMs nationwide, which the company claims is larger than the combined networks of top U.S. banks.
Beyond basic banking, Chime offers an array of features that include high-yield savings accounts, free tax filing, early access to earned wages (up to $500), and small loans with transparent, fixed fees. Eligible users can borrow at a rate of $5 per $100 with no late fees or compounding interest.
A signature feature is Chime’s SpotMe, launched in 2019, which allows members to overdraft up to $200 without penalty. The company also introduced SpotMe Boosts, enabling members to help others by temporarily raising their overdraft limit by up to $20 monthly, free of charge.
Despite favorable IPO conditions earlier in 2025 following President Trump’s return to the White House, recent trade tensions and tariff announcements caused several IPO candidates, including Chime, eToro, Klarna, and StubHub, to postpone initial plans. However, Chime’s Nasdaq filing now indicates renewed optimism in capital markets.
Chime’s IPO signals its next chapter of growth as it looks to solidify its position in the competitive fintech space, driven by a member-first approach and a growing portfolio of user-friendly financial services.