Fintech company Chime files for Nasdaq IPO

Chime, a financial technology company, has filed documents to go public on the Nasdaq stock exchange with the ticker symbol “CHYM.” Despite being a tech company and not a bank, Chime lists major financial institutions like Bank of America, Capital One, and Wells Fargo as its competitors. The company generates revenue through interchange fees from member transactions and had a net income of $12.9 million in the March quarter.

Chime serves 8.6 million active members in the U.S., with an average member age of 36. The company offers various services such as high-yield savings accounts and early access to earned pay. Chime’s IPO filing indicates a growing trend of tech companies entering the market, with other firms like eToro and Hinge Health also planning IPOs. Chime’s CEO, Chris Britt, had previously mentioned plans for an IPO, but market conditions delayed the process until now.