Latest news with #ChimeScholars
Business Wire
5 hours ago
- Business
- Business Wire
Chime Announces 2025–2026 Chime Scholars Foundation Cohort, Awarding Over $3 Million in Scholarships
SAN FRANCISCO--(BUSINESS WIRE)--Chime ® (Nasdaq: CHYM), a leading consumer financial technology company, today announced its 2025–2026 Chime Scholars Foundation ® (CSF) cohort, awarding over $3 million in scholarships to 800 students across the country. Chime launched CSF in 2022 to ease financial burdens, boost graduation rates, and open doors to higher-paying career opportunities. The program is designed for ambitious students of all backgrounds, ages, and educational stages to pursue degrees, certificates, vocational training, and more. Chime has taken the 1% pledge, committing millions of shares of its equity over a decade to fund CSF and provide scholarships to more students across the country. 'Chime helps everyday people achieve financial progress by making core banking services helpful, easy, and free. The Chime Scholars Foundation — powered by our 1% pledge — extends that mission by investing in the potential of ambitious students and opening real pathways to economic mobility,' said Chris Britt, CEO and Co-founder of Chime. 'I'm proud of this incoming class of scholars and inspired by the growing impact CSF is having in helping the next generation of hardworking students build brighter futures for themselves, their families, and their communities.' This year's achievements include: Welcoming the largest Chime Scholars class to date–nearly doubling from 438 scholars last year–underscoring Chime's growing commitment to the program. Awarding scholarships to students attending 369 institutions, with 64% pursuing non-traditional pathways such as transfer, community college, certificate, and trade programs. Supporting first-generation college students, who make up 65% of the 2025–2026 scholars, in pursuing their education goals. CSF's scholarships are helping students achieve meaningful academic and career milestones. Now, in its fourth year, CSF has provided $7 million in scholarship funding to over 1,000 students. Chime scholars have a projected 87% graduation rate, nearly double that of Federal Pell Grant recipients. 1 Within six months of graduation, 72% secure jobs in their field and 86% report reduced financial stress. 'Receiving the Chime Scholarship not only supports me financially but also validates my journey of perseverance and reinvention. I am eager to prove that no matter where you start, passion and hard work can lead to success,' said Ben V., a Chime member and scholar studying cybersecurity. Scholarship applications for the 2026-27 school year will open in early 2026. For more information, visit Chime Scholars Foundation. About Chime: Chime (Nasdaq: CHYM) is a financial technology company founded on the premise that core banking services should be helpful, easy, and free. We offer a broad range of low-cost banking and payments products that address the most critical financial needs of everyday people. Our member-aligned business model has helped millions of people to unlock their financial progress. Member deposits are FDIC-insured through The Bancorp Bank, N.A. or Stride Bank, N.A., Members FDIC, up to applicable limits. 2
Forbes
02-06-2025
- Business
- Forbes
Chime Aims For $11 Billion IPO Valuation
Chime caters to Americans earning less than $100,000 a year and says 8.6 million people use its banking app monthly. San Francisco-based Chime, the largest digital bank in America, wants to go public at a price between $24 and $26 per share, which implies a fully diluted valuation of about $11 billion, according to a new press release and filing with the Securities and Exchange Commission (SEC). That's down steeply from the $25 billion Chime reached in a private fundraise in August 2021, right around the peak of the fintech market bubble. The $11 billion diluted valuation reflects what Chime would be worth after setting aside 59 million shares to compensate employees and to fund its Chime Scholars charity program. Without those issued shares, its target IPO valuation would be $9.5 billion, slightly higher than the $8 billion we valued it at a year ago. Despite the economic uncertainty and stock market volatility brought on by President Trump's tariffs (including those already imposed and those threatened and then delayed), 13-year-old Chime is moving ahead with its IPO plan. The fintech has grown to attract 8.6 million active customers by offering a checking account and debit card with no monthly fees, plus additional features like a secured credit card and paycheck advances of up to $500. Chime makes most of its money on interchange–the 1% to 2% fees merchants are charged to accept debit and credit cards–and has been expanding aggressively into small-dollar lending. (It lacks a bank charter and partners with banks like Bancorp and Stride to offer banking services.) Have a story tip? Contact Jeff Kauflin at jkauflin@ or on Signal at jeff.273. Chime cofounder and CEO Chris Britt owns 5% of Chime, and cofounder Ryan King owns 4%, according to the filing, making their stakes worth about $500 million apiece. Yet combined, they control 65% of the voting power of Chime's stock, which could rise to 75% if they hit performance targets. That control allows them 'to significantly influence or determine any action requiring the approval of our stockholders,' the filing reads. The company's largest shareholder is venture firm DST Global, which owns about 12% of the company on a fully diluted basis. CrossLink Capital and Access Industries Management, owned by Ukranian-born billionaire Len Blavatnik, also hold large stakes in the digital bank. Chime's debit card was first publicly announced on the Dr. Phil show in 2014. Today, Jay McGraw, Dr. Phil's son and a TV producer, owns 5.5 million shares of Chime, which will be worth about $140 million at its IPO. McGraw plans to sell some of those shares in Chime's public debut, according to the SEC filing, as do other investors including Flourish Ventures, Cathay Innovation and Northwestern Mutual.
