Latest news with #RyanKing
Yahoo
02-06-2025
- Business
- Yahoo
Chime chases $11 billion valuation in IPO set for next week on Nasdaq
Chime Financial on Monday kicked off the roadshow for its much anticipated IPO that could value the neobank at roughly $11 billion, a more than 50% drop from its $25 billion valuation in 2021. Chime is scheduled to begin trading on the Nasdaq on Thursday, June 12. The impending IPO will offer 32 million shares at a price range of $24 to $26 each, according to a June 2 regulatory filing. (About 26 million is coming from Chime itself while stockholders are providing an additional 6 million.) At the top of its expected range, Chime could raise as much as $832 million. In 2021, Chime was one of the buzziest fintech unicorns when it was valued at $25 billion but valuations of fintech firms, along with venture funding, have plummeted since then. On an undiluted basis, Chime is targeting a market value of $9.47 billion. But when Chime includes items such as stock options and restricted stock units, or RSUs, its valuation jumps to about $11 billion on a fully diluted basis. Fourteen banks are listed as working on the Chime's IPO with Morgan Stanley, Goldman Sachs and JPMorgan serving as lead underwriters on the deal. Chime's offering comes at a time when the IPO market, which has crawled since 2021, is on an upswing. Circle Internet Group, which is going public later this week, increased the size of its deal and price range Monday. Circle is now looking to sell 32 million shares at $27 to $28 each, up from 24 million at $24 to $26 each. Circle, which could raise as much as $896 million, is now targeting a $7.2 billion valuation. When a company increases the size of its offering and raises its price range, this typically signals strong investor demand. Circle's IPO is said to be oversubscribed, and the company is scheduled to price the deal on Wednesday and trade Thursday. Founded in 2012, Chime offers traditional financial services, like fee-free checking and savings accounts, to lower income U.S. consumers that earn up to $100,000 a year. The startup had 8.6 million active members as of March 31, with two-thirds relying on Chime as their primary bank, according to a regulatory filing. Roughly 70% of its members use Chime to buy food, groceries, gas and utilities. As of March 31, the startup employed 1,465 workers, or 'Chimers,' spread across three offices, including one-third in San Francisco. Chris Britt, Chime's cofounder and CEO, owns the largest stake in the fintech and will have 39% of total voting power after the IPO is completed, according to the SEC filing. Ryan King, also a cofounder and Chime board member, will have about 35.5% of voting power. Neither is selling shares. Investors DST Global, which led Chime's $200 million round in 2019, will have 5.4% total voting power after the offering is completed, while Crosslink Capital will own 3% and General Atlantic will have 2%. They are also not selling shares. Among the sellers is VC firm Cathay Innovation, which is off loading the biggest chunk of stock, 3.75 million shares, and will have a 1.2% voting stake after the IPO. Cathay could make as much as $97.5 million. The regulatory filing also lists Jay McGraw, who is apparently the TV producer and son of Dr. Phil McGraw or 'Dr. Phil.' McGraw is selling 350,000 shares and at $26, he could reap $9.1 million. McGraw could not immediately be reached for comment. This story was originally featured on
Daily Mail
22-05-2025
- Daily Mail
EXCLUSIVE Horrendous moment dog owner attacks her own French bulldogs with garden spade
Horrific footage has shown the moment a dog owner attacked her own French bulldogs with a garden spade. In the video Elizabeth Perrin, 52, is wielding the heavy metal shovel in her back garden surrounded by Frenchies at her home in Dukinfield, Greater Manchester in late 2020. She then brought the spade above her head before swinging it down with great force as she beat a number of the tiny dogs as they can be heard yelping in pain. Washing hung to dry on the gate blocked the view in parts which made it unclear as to exactly how many dogs were hit. However, Perrin can clearly be seen striking three of the Frenchies which were cowering in a corner. Two were smacked on their heads and another was hit with such force that it was knocked off its feet onto its back and struggled to get back up. Sickeningly, Perrin then turns around to glare at the rest of the terrified dogs and shouts: 'Next one!' It was the third video RSPCA Inspector Ryan King had seen of animal abuse at the property which he previously visited in November 2021 to investigate reports that a number of dogs were fighting on the premises. At the time, Perrin and her now ex boyfriend Trevor Hague, 52, told him they had 20 dogs in total and showed them around an open plan area where some were kept, Tameside Magistrates' Court heard. Inspector King said one young Frenchie, named Wizza, was lying on a sofa and 'seemed flat - not jumping around like the other dogs'. 'There was a bad smell coming from him, on closer inspection I noticed a number of puncture wounds on his front legs, there was some blood around his ears and further puncture wounds around his groin,' he added. He supervised a visit to the vets with the then couple and their pup, but sadly it was too late and he had to be put down due to his severe injuries. Two days later Inspector King collected Wizza's body from a pet crematorium and handed it over to the police as evidence. A month later, he saw two videos which were taken in the back garden of Perrin's home which he recognised from his previous visits. Hague could be seen kicking a dog in the torso in the first clip and the other showed Perrin repeatedly hitting one of the innocent pooches with the brush end of a broom. In his court statement, Inspector King said: 'I could identify both Perrin and Hague in the videos as I had met them on multiple occasions. I called Perrin and informed her I needed to visit and speak to her, so I arranged to go round the next day.' Both defendants claimed they 'only hit or kick the dogs to split them up when fighting' - despite the fact the video did not show them fighting. The vile pair agreed to sign the two pets over into RSPCA care. However, it was just a month later when Inspector King was sent the video of Perrin beating her Frenchies with the spade. An expert veterinary witness report said two dogs had been struck with the spade in the video and would have been 'caused to suffer' from blunt force trauma. He added that the welfare needs of a number of other dogs kept by Perrin had not been met because they were not sufficiently separated from each other. In mitigation, it was said of Perrin that the offences took place some time ago, she had pleaded guilty to two offences and was the sole carer for two children with special needs. Hague was said to have expressed remorse and had pleaded guilty to one offence which took place some time ago. He was also banned from keeping dogs for six months. After the case, Inspector King, whose RSPCA inquiry bought the pair to justice, said: 'Having to see that video of someone deliberately inflicting pain on an animal with a weapon was awful. 'There is no excuse for this behaviour towards an animal. It really does defy belief that someone could behave in this deserve to be shown kindness and respect.' Perrin was handed a 12-month community order and a 16-week night-time curfew and ordered to pay £700 costs by magistrates on May 14. She admitted causing unnecessary suffering to three dogs by inflicting blunt force trauma and physical violence, and failing to ensure their needs were met by housing them away from other animals. The judge decided against banning her from keeping animals because her two children have special needs which benefit from having support dogs. Hague was banned from keeping dogs for six months, fined £604 and ordered to pay £700 costs.
Yahoo
14-05-2025
- Business
- Yahoo
Chime files for IPO
This story was originally published on Banking Dive. To receive daily news and insights, subscribe to our free daily Banking Dive newsletter. Fintech Chime filed S-1 paperwork Tuesday with the Securities and Exchange Commission for an initial public offering. San Francisco-based Chime intends to list its Class A common stock on the Nasdaq under the ticker symbol 'CHYM.' The company said the number of shares to be offered and the price range for the proposed offering have not yet been determined. Chime's revenue reached $1.67 billion in 2024 – up from $1.28 billion in 2023, while its loss decreased from $203 million in 2023 to $25 million in 2024. Chime's IPO follows that of social investment fintech eToro, founded in Israel, which sought to raise $500 million through its public offering last week. Tariff-related volatility, however, pushed back other IPO plans for buy now, pay later firm Klarna and ticketing platform StubHub. Chime, founded in 2o12 by Chris Britt and Ryan King, has dubbed itself a digital banking alternative offering fee-free banking. Chime was valued at $25 billion after raising $750 million in a funding round in 2021. As of March 2025, Chime had 8.6 million active members, marking a 23% year-over-year increase, according to the S-1 filing. Nearly two-thirds of its members count Chime as their primary 'financial relationship.' 'Looking ahead, with less than five percent adoption in our core target market, we see an enormous opportunity to grow for years to come,' Britt and King wrote in a letter accompanying the filing, adding that the fintech's primary account relationships 'uniquely' position it to expand into adjacent markets. 'Breakthrough in [artificial intelligence], combined with our extensive dataset and platform, give us an advantage that can continue to compound – enabling us to make leaps forward in efficiency, innovation, and member experience,' they said. In its filing, Chime stressed it 'is a technology company, not a bank' and is not a member of the Federal Deposit Insurance Corp. Banking services offered through the fintech are provided by The Bancorp Bank and Stride Bank, which offer FDIC-insured accounts. Chime's public offering is led by Morgan Stanley, Goldman Sachs and JP Morgan Chase. Chime reported that its operating activities resulted in a net cash outflow of $25.8 million. The increase in working capital of $125.3 million was partially offset by positive net income of $12.9 million and non-cash adjustments of $86.6 million. Going public is intended to increase Chime's capitalization and financial flexibility, and enable access to public equity markets. The company wants to use the net proceeds from the offering for general corporate purposes, including working capital, operating expenses, and capital expenditures. Chime might also use a portion of the proceeds to acquire or invest in businesses, products, services, or technologies, although it does not have any acquisitions or investments in the pipeline currently. Additionally, Chime said it plans to use some proceeds to satisfy its anticipated tax withholding and remittance obligations related to the restricted stock unit settlement. In its SEC filing, Chime argued that traditional banking systems cannot cater to the needs of Americans living paycheck-to-paycheck, highlighting that 85% of its new members who direct deposit through Chime left another direct deposit relationship, most commonly with large traditional banks. Those incumbents rely on a net interest margin-based business model, with nearly 70% of their revenue coming from customer deposits and lending, Chime said. However, Chime referred to traditional banks, including Bank of America, Capital One, Citi, JPMorgan Chase, PNC and Wells Fargo, as its main rivals, with Nubank and Revolut as potential competitors if they expand in the U.S. 'Banking remains one of the largest and most analog industries to be disrupted,' the founders noted. 'Like so many other categories, the winner will be a digital-first platform that relentlessly innovates and becomes indispensable in the lives of our customers.' Chime generates much of its revenue through interchange fees, when its customers spend using a Chime-branded debit or credit card, rather than fees paid by customers. Chime members typically use these cards for their everyday, non-discretionary expenses, with nearly 70% of purchases made for food and groceries, gas, and utilities expenses. In the first quarter of 2025, Chime's members interacted with its app at an average of 141 times per month and completed an average of 54 transactions each month. For the first quarter, Chime's average revenue per active user rose to $251 – up from $231 in the first quarter of 2024. From the first quarter of 2022 to the first quarter of 2025, average revenue per active member grew at an average annualized rate of 6%, reflecting an increase in member engagement, new products, and monetization, the company noted. Chime has launched several new products and tools in recent years. In March, the fintech rolled out instant loans, offering customers access to up to $500 at a fixed rate, without having to go through a credit check. Chime has also added financial wellness services that are available through employers and expanded its overdraft service. Other products include Chime+, a free, premium membership tier that offers additional features to enhance members' mobile banking experiences. Chime's investors include DST Global, Crosslink Capital, AI Bells, General Atlantic, Menlo Ventures, Sino French (Innovation) Fund and ICONIQ Strategic Partners.
Yahoo
14-05-2025
- Business
- Yahoo
Fintech Firm Chime Plans Initial Public Offering
Financial tech company Chime has filed an initial public offering prospectus. Chime has applied to list shares on the Nasdaq under the symbol "CHYM." The firm revealed it spent $33.2 million for a jersey sponsorship with the NBA's Dallas firm Chime has filed for an initial public offering (IPO), and the prospectus revealed information about its spending on a National Basketball League (NBA) team sponsorship. In a regulatory filing, the company announced it has applied to list its Class A common stock on the Nasdaq under the symbol "CHYM." Co-founder and CEO Christopher Britt and co-founder Ryan King will hold a certain percentage of those shares, but the prospectus did not indicate what those will be. Chime reported 2024 revenue of $1.67 billion. Its loss from operations was $62.2 million, and the per-share loss came in at $0.39. The company noted that it had 8.6 million active members, who make 54 monthly transactions on average. Its average revenue per active member was $251. The prospectus also noted that the board signed a 3-year, $33.2 million agreement with the NBA's Dallas Mavericks for 2022 through 2024 to have its name appear on the team's uniforms. Cynthia Marshall, a member of Chime's board, was formerly the team's CEO. Read the original article on Investopedia Sign in to access your portfolio
Yahoo
14-05-2025
- Business
- Yahoo
Chime rings the IPO bell
Fintechs to the rescue. That's one way of describing the sudden burst of activity in the IPO market. Within the span of a few hours on Tuesday, eToro priced its IPO above its initial range and Chime filed an S-1, setting the stage for its own listing. Chime, a digital banking startup founded in 2012, revealed that its revenue for fiscal year 2024 was $1.67 billion, up from $1.28 billion a year prior. The company's net loss of $25 million is down substantially from $203 million in 2023, and $470 million in 2022. The company was cofounded by current CEO Chris Britt and Ryan King, and has for years been considered among the leading fintech unicorns gearing up for an IPO. As if to prove that it's part of a larger trend rather than being a one-off (and no doubt to claim a juicier multiple), the company insisted in its S-1 that 'Chime is a technology company, not a bank.' Whatever label you choose, it seems that this crop of fintech darlings, weathered by the post-ZIRP (zero-interest-rate policy) era, are prepared to step forward as public companies. eToro, a Robinhood competitor founded in 2007 and based in Israel, begins trading on the Nasdaq today under the symbol ETOR. The company priced its IPO Tuesday at $52 a share, giving it a $4.2 billion valuation. So, what's going on? Are fintechs the brave vanguard of the long-awaited IPO boom? As always, it's complicated. eToro's IPO filing comes after a shelved SPAC attempt, and it remains to be seen how the company's public offering will be received (though by the time you read this, we may very well know). Then there's Klarna: After filing to go public in March with much fanfare, the company pulled back wildly on its IPO plans, postponing until markets stabilize. And that's the crux of the issue: Going public in a volatile market still jittery with tariffs is tough. Nevertheless, we just might be headed toward a fintech summer. These long-simmering, scaled fintechs—battle-tested by COVID, rising interest rates, and regulatory headwinds—may finally be getting their moment in the sun. See you tomorrow, Allie GarfinkleX: @agarfinksEmail: a deal for the Term Sheet newsletter here. Nina Ajemian curated the deals section of today's newsletter. Subscribe here. This story was originally featured on 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
