At long last, digital consumer bank Chime has actually progressed with its IPO by filing its S-1 documents Tuesday.
Chime had actually reportedly submitted confidential S-1 documentation back in December.S-1 filings generally reveal all sort of information, covering financial, legal, and other risk elements.
Chimes S-1 documents still have a lot of blank areas.
We dont understand the number of shares it wants to sell or at what price.
Chime might be intending to raise $1 billion, IPO specialist Renaissance Capital believes.We likewise do not understand how many shares experts prepare to sell as part of the IPO.
This includes its major backers, a list that includes billionaire Yuri Milners DST Global, Michael Starks Crosslink Capital, billionaire Len Blavatniks Access Industries, as well as VC companies General Atlantic, Menlo Ventures (led by board memberShawn Carolan), the Sino French Innovation Fund, and Iconiq, according to the paperwork.Chime raised $2.65 billion overall as a personal company, including its last raise in 2021 that valued it at $25 billion, PitchBook estimates.
As a result, there are many more VCs on its cap table.
They, too, might be in for big paydays.
For example, Kirsten Greens Forerunner Ventures and Hunter Walks Homebrew both declare Chime as a portfolio company.Chime provided one detail that suggests the company believes it will be a substantial IPO.
Chime employed an army of huge name financial investment lenders, consisting of Morgan Stanley, Goldman Sachs, and JP Morgan.The financials reveal why investors may grow fired up.
The business ended up 2024 with $1.67 billion in earnings and $25 million in losses, compared to nearly $1.3 billion in earnings and $203 million in losses in 2023.
Its 2025 first-quarter earnings was already $519 million.
So, by Silicon Valley mathematics, that puts it on track for $2 billion this year and near profitability.Chime uses customer checking, cost savings, debit, and credit cards and claims 8.6 million active users.One intriguing reveal in the documentation.
Its board member Cynthia Marshall functioned as the CEO of the Dallas Mavericks from 2018 to December 2024.
Chime became a Mavericks sponsor during that time.
It paid around $33 million over 3 years (2022-2024), which acquired it the Chime logo on the teams jersey, among other marketing benefits.
Without that deal, it might have already been profitable.