Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

Chime prepares stock market listing as online banking grows

Chime prepares stock market listing as online banking grows

Chime has held preliminary talks with investment banks about launching a stock market flotation, which could value the financial services startup at more than $30 billion, as soon as the end of 2021, people familiar with the matter told Reuters.

Since launching in 2012, Chime has emerged as one of the fastest growing financial technology platforms in the United States. It briefly overtook online brokerage Robinhood Markets last year as the most valuable U.S. fintech “unicorn”.

San Francisco-based Chime’s chief executive, Chris Britt, said in September that it wanted to be ready for an initial public offering (IPO) in the next 12 months.

Preparations have now begun in an effort to capitalize on a boom which has seen more people banking online during the COVID-19 pandemic, the sources said on Tuesday.

Chime, which was valued at $14.5 billion in a private fundraising round in September, has raised over $1.5 billion in capital, and has more than $1 billion of cash at its disposal.

Britt said in an interview this month that it does not need to raise additional capital soon. He declined to comment on any IPO plans, but said Chime was evaluating all options.

“When we get closer to make the decision to actually go public, we will evaluate all of the potential paths to do so, including direct listings, traditional (IPOs), and SPACs.”

A special purpose acquisition company (SPAC) is a blank-check firm which seeks to merge with a privately-owned entity in a deal type that has become very common in the last year.

Britt added that Chime has “every intention of being a large, independent public company”, but has not set a timeline.

A Chime spokeswoman declined to comment on talks with banks.

ATM AVERSE


Founded by former Visa executive Britt and Comcast Corp alumnus Ryan King, Chime makes money by earning a fee from payment processors such as Visa every time a customer uses a Chime debit card. It has also launched a credit card.

It provides financial services through partnerships with brick-and-mortar banks, primarily through a Chime-branded checking account with no fees and a ‘Spot Me’ feature that allows customers to go overdrawn without penalty.

Chime has partnerships with banks such as The Bancorp Bank and Stride Bank, through which it routes deposits to customer accounts, and Britt said it has benefited from increased consumer confidence in using digital platforms during the pandemic.

While declining to disclose the number of Chime users, the company spokeswoman said the average person spent 33% more last year through Chime than in 2019.

“People don’t really want to touch ATMs anymore. People don’t want to handle cash as much as they used to. And people are getting more and more comfortable with paying for things through apps, managing their accounts through apps,” Britt said.

Chime has also drawn customers by offering Americans early access to their stimulus checks, part of what Britt called an “obsession” to support customers in a difficult time.

Over the last three stimulus cycles, Chime has routed over $6 billion of stimulus funds, including $3.5 billion to more than 1 million customers in the latest cycle, the spokeswoman said.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
×