Latest news with #Chime
Yahoo
a day ago
- Business
- Yahoo
Chime Financial IPO: Digital banking service sets target stock price as Nasdaq listing date nears
Ding, ding, ding! Chime Financial is finally ready to go public. This company asked most corporate employees to relocate to Chicago. The majority declined Trump administration orders Pennsylvania power plant to run through the summer Redfin: These 31 major housing markets have shifted to buyer's markets The 13-year-old digital banking services company has set a target valuation of $11.2 billion for its highly anticipated initial public offering (IPO), according to a filing Monday with the Securities and Exchange Commission (SEC). That would amount to raising roughly $832 million while offering 32 million shares, priced between $24 and $26. Per Chime's S-1 statement, the company says it has 8.6 million active members and generates $251 in revenue per active member, on average. San Francisco-based Chime intends to list its stock on the Nasdaq and trade under the ticker 'CHYM.' It has not announced a listing date. Notably, the $11.2 billion valuation is a sizable fall from the $25 billion ceiling Chime hit after a $750 million funding round in 2021—a time when many fintech companies were riding high due to the pandemic. However, it also recently disclosed that its 2024 revenue was on an uptick, hitting $1.67 billion, up from $1.28 billion a year earlier. At the same time, its net losses have narrowed during that period, from $203.2 million in 2023 to $25.3 million last year. Fast Company reached out to Chime for additional comment, but the company declined. Chime's IPO has been a long time coming and is expected to be one of the most anticipated offerings of the year. Digital banking services from non-banks and so-called 'digital challenger banks' are no longer a niche offering, according to a recent analysis from Deloitte. The report said consumers had registered some $98 billion in global digital deposits as of 2023, even as many of the new entrants offering such services are not yet turning a profit. Fintech companies have also hit stumbling blocks after getting a big boost in interest from consumers during the pandemic, and that's caused some companies in the space to put their IPO plans on ice. Perhaps most recently was Swedish fintech company Klarna, which reportedly paused its IPO plans in early April. Turmoil caused by the Trump administration's tariff regime and erratic trade policies has also thrown the IPO market off its axis, but there are signs that activity could be ramping up once again. Data from Renaissance Capital shows that year-to-date, 100 IPOs have been filed—an increase of 19% from last year—and that 81 have priced, an increase of 40%. In addition to Chime, some other anticipated IPOs that could happen this year include StubHub, Discord, Liquid Death, Panera, SpaceX, and Shein. This post originally appeared at to get the Fast Company newsletter: Sign in to access your portfolio
Yahoo
a day ago
- Business
- Yahoo
Only One-Quarter of Gen Z Has Ever Written a Check — Does It Matter?
As members of Gen Z graduate college and prepare to enter the workforce, many members of this demographic lack basic money management skills. Only 26% have ever written a check, while 22% have balanced a checkbook, according to a new survey from Chime by Talker Research. While these skills may seem antiquated in today's digital world, they represent a solid foundation of financial knowledge and can pave the way to better money management skills across the board. Check Out: Read Next: Even if you only need to write a check once or twice a year — or even less frequently — it's often for milestone events like paying wedding vendors or buying a house. 'Digital payments often come with extra fees,' said Chime chief spending officer Janelle Sallenave, noting that these fees can add up for large payments. Rather than walking into a car dealership, for instance, with $5,000 in cash for a down payment on a vehicle, a check provides a secure, fee-free way to pay. You might also want or need to write checks to cover rent payments, bank deposits for opening a checking or savings account online or even to mail money as a gift to an out-of-town relative. For some purchases, such as buying a home, you'll need to write a certified check or cashier's check. These checks, usually for large amounts, come with a guarantee from the bank that the money is in the account and the check won't bounce; it won't be declined due to insufficient funds. A certified check is backed by the money in your account, while a cashier's check is drawn from the bank's funds after you give the bank that money plus a fee. Discover More: Knowing how to balance a checkbook is even more important, as it can help you keep tabs on your money, avoid overdraft charges or returned payments and can also help maintain a budget. Especially with automatic electronic deposits and automatic bill-pay features in checking accounts today, it's important to take a look at what's coming into and out of your account weekly, if not daily. 'Your online balance doesn't always reflect pending charges or holds,' Sallenave said. Getting into the habit of keeping a separate record of transactions and comparing that record to your bank statements monthly can also help you spot erroneous charges or even subscriptions you might want to cancel because you don't use them anymore. Essentially, taking a solid look at your money coming in and out regularly can help you feel more in control of your finances. While Gen Z may not be the best at analog money management tools like checks or paper bank ledgers, they are showing financial maturity in other ways. The Chime survey indicated that 35% of Gen Z has created and stuck to a budget. They might be leveraging digital tools for money management, and keeping a budget indicates 'they're paying attention to where their money goes,' Sallenave said. She called a budget 'a step in the right direction when it comes to [being] financially responsible.' More From GOBankingRates How Much Money Is Needed To Be Considered Middle Class in Every State? 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on Only One-Quarter of Gen Z Has Ever Written a Check — Does It Matter?
Yahoo
a day ago
- Business
- Yahoo
Only One-Quarter of Gen Z Has Ever Written a Check — Does It Matter?
As members of Gen Z graduate college and prepare to enter the workforce, many members of this demographic lack basic money management skills. Only 26% have ever written a check, while 22% have balanced a checkbook, according to a new survey from Chime by Talker Research. While these skills may seem antiquated in today's digital world, they represent a solid foundation of financial knowledge and can pave the way to better money management skills across the board. Check Out: Read Next: Even if you only need to write a check once or twice a year — or even less frequently — it's often for milestone events like paying wedding vendors or buying a house. 'Digital payments often come with extra fees,' said Chime chief spending officer Janelle Sallenave, noting that these fees can add up for large payments. Rather than walking into a car dealership, for instance, with $5,000 in cash for a down payment on a vehicle, a check provides a secure, fee-free way to pay. You might also want or need to write checks to cover rent payments, bank deposits for opening a checking or savings account online or even to mail money as a gift to an out-of-town relative. For some purchases, such as buying a home, you'll need to write a certified check or cashier's check. These checks, usually for large amounts, come with a guarantee from the bank that the money is in the account and the check won't bounce; it won't be declined due to insufficient funds. A certified check is backed by the money in your account, while a cashier's check is drawn from the bank's funds after you give the bank that money plus a fee. Discover More: Knowing how to balance a checkbook is even more important, as it can help you keep tabs on your money, avoid overdraft charges or returned payments and can also help maintain a budget. Especially with automatic electronic deposits and automatic bill-pay features in checking accounts today, it's important to take a look at what's coming into and out of your account weekly, if not daily. 'Your online balance doesn't always reflect pending charges or holds,' Sallenave said. Getting into the habit of keeping a separate record of transactions and comparing that record to your bank statements monthly can also help you spot erroneous charges or even subscriptions you might want to cancel because you don't use them anymore. Essentially, taking a solid look at your money coming in and out regularly can help you feel more in control of your finances. While Gen Z may not be the best at analog money management tools like checks or paper bank ledgers, they are showing financial maturity in other ways. The Chime survey indicated that 35% of Gen Z has created and stuck to a budget. They might be leveraging digital tools for money management, and keeping a budget indicates 'they're paying attention to where their money goes,' Sallenave said. She called a budget 'a step in the right direction when it comes to [being] financially responsible.' More From GOBankingRates How Much Money Is Needed To Be Considered Middle Class in Every State? 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on Only One-Quarter of Gen Z Has Ever Written a Check — Does It Matter? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
a day ago
- Business
- Yahoo
New Grads' Top Three Money Worries: Expert Advice to Face Finances as An Adult
As more than 1 million college graduates prepare to enter the workforce, based on historical data from the U.S. Bureau of Labor Statistics, many of these young adults feel financially unprepared. Not surprisingly, Gen Z money concerns may also resonate with millennials and Gen X. Learn More: Find Out: Chime spending officer Janelle Sallenave weighs in with tips to combat the top three financial fears of new graduates, as revealed in a new survey from Chime by Talker Research. Four-in-10 (44%) of new graduates are worried about finding a job in their field. These fears may be unfounded, as 69.6% of 2024 graduates are now employed. However, the right tactics and smart networking moves can increase your odds of finding a job faster. 'The traditional 'apply online and wait' approach isn't always enough,' Sallenave said. Recommending building a professional network, Sallenave suggested reaching out directly to recruiters. 'Keep in mind, many job openings aren't posted on job sites,' she said. However, online efforts should still play a role in your job hunt. 'Curate your LinkedIn feed with intention,' she said. 'Follow recruiters, career coaches, and industry pros who regularly share helpful tips or job leads.' Most importantly, don't settle for a role that isn't a good fit if you can wait. 'Jumping into just any job can set you back. A little patience now can lead to a role where you're valued, growing, and genuinely happy to show up every day.' Students graduating from a public university leave with an average of $31,960 in student loan debt, according to It's no wonder that 35% worry about paying off their student loan debt without sacrificing future financial security. Sallenave suggested that small steps are best. 'Tackle high-interest debt first, but don't ignore your savings,' she said. 'Having a small emergency cushion can go a long way to keep you out of more debt.' She recommended setting up autopay to avoid missed payments and make sure to balance saving, investing, and making the minimum payments on your student loans. 'Investing early gives your money more time to grow, so you don't have to choose between tackling debt and preparing for what's ahead,' she advised. One-third of survey respondents said they have concerns about managing their monthly bills as they embark on adulthood. Sallenave suggested setting up online bill pay to avoid late payments and fees. 'Still, check your statements regularly to catch any errors or unexpected charges,' she said. New grads just learning how to manage money can also take advantage of technology tools to stretch their money between paychecks. Find a bank that allows an overdraft with no fees in case you run short of cash. Early direct deposit can also help you avoid late payments by putting money into your account two days faster than it would usually clear. With a solid foundation of financial knowledge, managing money can quickly become a habit that will serve new graduates well through every stage of life. More From GOBankingRates 6 Big Shakeups Coming to Social Security in 2025 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on New Grads' Top Three Money Worries: Expert Advice to Face Finances as An Adult
Yahoo
2 days ago
- Business
- Yahoo
Fintech firm Chime begins IPO roadshow
US-based fintech firm Chime has launched its initial public offering (IPO), offering 32 million shares of its Class A common stock. Of these, Chime is selling 25.9 million shares, while certain existing stockholders are offering approximately 6.1 million shares. According to media reports, the firm will go public at an estimated valuation of around $11bn, an over 50% decrease from its $25bn valuation in 2021. The company, which filed for an IPO last month, has also proposed a 30-day option for underwriters to purchase up to an additional 4.8 million Class A shares. The price range for the IPO is set between $24 and $26 per share. Chime applied to list its Class A common stock on the Nasdaq stock exchange under the ticker symbol "CHYM". The net proceeds from the IPO are intended for general corporate purposes, including working capital, operating expenses, and capital expenditures. Chime may also consider using a portion of the funds for potential acquisitions or investments in complementary businesses, though no specific agreements have been made. Leading the offering are Morgan Stanley, Goldman Sachs, and J.P. Morgan as lead book-running managers. Barclays served as an additional book-running manager. Other participants in the bookrunning process include Evercore ISI, UBS Investment Bank, Deutsche Bank Securities, Piper Sandler, and Wolfe | Nomura Alliance. Co-managers for the IPO include William Blair, Canaccord Genuity, Keefe, Bruyette & Woods, A Stifel Company, First Citizens Capital Securities, and Texas Capital Securities. "Fintech firm Chime begins IPO roadshow " was originally created and published by Retail Banker International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
