After years of IPO speculation and a confidential filing late last year, Chime, the U.S. digital consumer banking giant—has officially filed its S-1 registration statement with the SEC, taking the next major step toward a public debut. Though the filing is still light on key details such as share count and price range, sources close to the process suggest Chime may be targeting a $1 billion raise, according to IPO tracker Renaissance Capital.
The neobank’s IPO is poised to be one of the largest U.S. fintech offerings in recent years, potentially testing market appetite for late-stage tech companies following a long drought in public tech listings.
From $25B Valuation to $2B Revenue Trajectory
Chime last raised funding in 2021 at a $25 billion valuation, with PitchBook estimating a total of $2.65 billion in private funding raised to date. The investor roster is a who’s who of top-tier backers: DST Global, Crosslink Capital, Access Industries, General Atlantic, Menlo Ventures, Iconiq Capital, and the Sino French Innovation Fund, among others. Portfolio firms Forerunner Ventures and Homebrew also stand to gain significantly.
Its 2024 financials show $1.67 billion in revenue and just $25 million in net losses—a sharp improvement from $203 million in losses on $1.3 billion in revenue in 2023. And with $519 million in Q1 2025 revenue, Chime appears to be tracking toward $2 billion for the full year—suggesting profitability may finally be within reach.
That revenue trajectory could give Chime a strong market debut narrative: scaling growth with tightening losses, a profile increasingly favored by cautious public investors.
A Powerhouse IPO Team and a Jersey-Sized Conflict
The company has lined up a dream team of underwriters—Morgan Stanley, Goldman Sachs, and JP Morgan—which signals it’s planning for a high-profile listing.
However, tucked into the filing is an eyebrow-raising marketing expense: between 2022 and 2024, Chime paid $33 million to sponsor the Dallas Mavericks, including prominent logo placement on the team’s jerseys. That deal was signed while Cynthia Marshall, then-CEO of the Mavericks, was also sitting on Chime’s board of directors. The S-1 doesn’t suggest any wrongdoing, but the optics are noteworthy—especially given that the deal alone may have tipped Chime into the red.
Chime operates as a consumer-friendly alternative to traditional banks, offering no-fee checking and savings accounts, debit and credit cards, and early access to direct deposits. It claims 8.6 million active users, a figure that places it among the largest U.S.-based digital banking services.
The IPO filing doesn’t yet reveal how many shares insiders will offload, but with so many late-stage VCs on the cap table, liquidity pressure may be a key narrative as the company goes public. With tech IPOs regaining steam and fintech interest on the rebound, Chime could ride the wave—assuming markets hold steady.
In the months ahead, look for updated filings that will disclose valuation targets, share price ranges, and more on how Chime’s insiders plan to capitalize on their long-held stakes. Until then, it’s safe to say: Wall Street’s neobank moment is finally here.
