Fintech company Chime files for Nasdaq IPO
Financial technology company Chime on Tuesday filed paperwork to go public on the Nasdaq. The company intends to file under the ticker symbol "CHYM."
"Chime is a technology company, not a bank," the company said in its prospectus, noting it's not a member of the U.S. Federal Deposit Insurance Corp. Still, the company cited Bank of America, Capital One, Citibank, JPMorgan Chase, PNC Bank and Wells Fargo as competitors.
At the end of March, Chime had 8.6 million members, up about 23% year over year.
Following an extended drought, IPOs looked poised for a rebound when President Donald Trump returned to the White House in January. CoreWeave's March debut provided some momentum. But Trump's tariff announcement in April roiled the market and led companies including Chime as well as trading platform eToro, online lender Klarna and ticket marketplace StubHub to delay their plans.
EToro is now scheduled to debut this week, and digital health company Hinge Health issued its pricing range for its IPO on Tuesday, win an expected offering coming soon. Chime's public filing is the latest sign that emerging tech companies are preparing to test the market's appetite for risk.
Chime was founded in 2012 and is based in San Francisco. It ranked 22nd on CNBC's 2024 Disruptor 50 list of privately held companies.This is breaking news. Please refresh for updates.
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