Digital banking startup Chime files for IPO, targeting $11.2B valuation in long-awaited Nasdaq debut

Chime is finally going public.

The San Francisco-based digital banking startup filed plans on Monday to list on the Nasdaq under the ticker symbol CHYM, aiming for a valuation of up to $11.2 billion on a fully diluted basis.

Chime and its early investors are looking to raise as much as $832 million by offering 32 million shares priced between $24 and $26 each. Of that, Chime is offering 25.9 million shares, with the rest—6.1 million—coming from existing shareholders, including VC firm Cathay Innovation, Reuters reported.

Founded in 2013 by Chris Britt and Ryan King, Chime aims to help users avoid bank fees, build savings effortlessly, and manage their money with less stress. Based in San Francisco, the company offers a mobile-first banking experience that gives users full control over their finances.

The startup has built its brand around fee-free banking, offering checking and high-yield savings accounts through a slick app. It makes money every time a user swipes their Chime-branded debit or credit card. Members get a Chime debit card, a Spending Account, a Savings Account, and an app that puts everything at their fingertips.

The company’s last private funding round was in 2021, when it raised $750 million at a $25 billion valuation. So this IPO target signals a more measured approach—a discount that could make the deal more appealing in a cautious market.

Its backers include DST Global, General Atlantic, and ICONIQ Capital.

Is the Fintech IPO Market Finally Back?

The IPO arrives as public market activity shows signs of life again. After a shaky April, investor appetite seems to be returning, helped along by a calmer stock market. The U.S. IPO window, which had briefly slammed shut due to tariff-related uncertainty, is starting to crack back open.

Recent listings like eToro have been well received, and analysts say the stage could be set for more companies to follow, assuming the market holds steady.

“Momentum is building after the tariff-related volatility. Right now, investors want to see fundamentally strong companies with attractive valuations,” said Matt Kennedy, senior strategist at IPO research firm Renaissance Capital.

Fintech IPOs, once all the rage during the pandemic, have slowed way down over the past two years. Rising interest rates and inflation cooled the hype. Swedish giant Klarna even paused its U.S. IPO plans earlier this year after market conditions worsened.

That puts pressure on Chime. If this IPO lands well, it could clear the way for other fintechs waiting in the wings.

“As the largest deal to test the market since ‘Liberation Day,’ Chime will be a fascinating case study,” said Samuel Kerr, head of equity capital markets at Mergermarket.

Chime plans to use some of the proceeds to cover taxes tied to employee stock units.

Morgan Stanley, Goldman Sachs, and J.P. Morgan are leading the underwriting.