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Chime Financial is targeting a valuation of up to $11.2 billion in its long-awaited U.S. initial public offering, as the digital banking startup looks to raise as much as $832 million amid a rebound in the listings market.
In a regulatory filing on Monday, the San Francisco-based fintech said it plans to offer 32 million shares, with pricing expected between $24 and $26 each. The deal includes 25.9 million shares from Chime and 6.1 million shares from existing holders, including backer Cathay Innovation.
Chime, which last raised funding at a $25 billion valuation in 2021, is taking a more cautious approach in the IPO, offering a marked-down price to attract investor interest after two years of market turbulence.
The company is set to trade on the Nasdaq under the ticker CHYM. Morgan Stanley, Goldman Sachs, and J.P. Morgan are acting as lead underwriters.
Founded in 2012, Chime provides app-based banking services such as checking accounts, high-yield savings, and Chime-branded debit and credit cards. It earns revenue largely from interchange fees when customers use their cards.
The IPO comes as the U.S. market shows fresh signs of life following a slow April marked by tariff-driven volatility. Recent listings, including eToro, have performed well, encouraging more companies to step forward.
The IPO market for fintech has cooled dramatically since the post-COVID frenzy of 2021, when over 100 companies raised nearly $297 billion globally. That number dropped off a cliff — just 86 raised a combined $32.8 billion between 2022 and 2024, according to PitchBook data.
Chime’s offering could open the door for other fintechs waiting on the sidelines. Swedish payments firm Klarna shelved its U.S. IPO plans earlier this year, citing unstable market conditions.
At its peak, Klarna was valued at $45.6 billion — that figure later dropped to $6.7 billion in a 2022 funding round. Now, it’s expected to return with a valuation north of $15 billion, a source familiar with the plans told Reuters.
If successful, Chime’s debut would be the largest U.S. fintech IPO since the post-pandemic slowdown, and one of the first major tests of investor appetite since ‘Liberation Day’ — the informal name for the day recent tariffs were lifted.
Chime plans to use part of the proceeds to cover tax obligations related to employee stock units. The company counts DST Global, General Atlantic, and ICONIQ Capital among its top investors.
