Chime Soars 37% in Nasdaq IPO, Raises $864M

Chime Financial Inc., a fintech company offering low-fee banking services to Americans earning under $100,000, surged 37% in its Nasdaq debut, opening at $43 per share after pricing its IPO at $27. The IPO raised $864 million and established a market value of $13.5 billion for Chime, a notable decrease from its $25 billion private valuation in 2021. The IPO signals a modest recovery in the US fintech sector, following strong debuts from eToro and Circle. Chime reported $518.7 million in revenue for the most recent quarter, up 32% year-over-year, though net income dipped slightly to $12.9 million. About two-thirds of Chime’s users use it as their primary account, reflecting its strong customer base. CEO Chris Britt highlighted the company's commitment to long-term growth and providing essential banking services amid a volatile market.