San Francisco, California — Digital consumer bank Chime is taking significant steps toward going public by submitting its S-1 filing on Tuesday. This move comes after a period of preliminary preparations, including a confidential S-1 filing last December.
The S-1 filing is a crucial document for companies seeking to go public, detailing financial information, legal considerations, and various risk factors. However, Chime’s filed documents still contain several unspecified elements, leaving questions about the number of shares it intends to offer and their pricing. Market analysts at Renaissance Capital estimate that the bank might aim to raise up to $1 billion through the IPO.
Details concerning insider share sales, particularly from prominent investors, are also absent. High-profile backers of Chime include billionaire Yuri Milner’s DST Global and Len Blavatnik’s Access Industries, among others. Venture capital firms like Crosslink Capital, General Atlantic, and Menlo Ventures, along with the Sino French Innovation Fund and Iconiq, have also significantly invested in the bank.
Having secured approximately $2.65 billion in funding during its private phase, Chime has seen its valuation soar to around $25 billion as of 2021. The substantial financial backing from a range of venture capitalists could lead to considerable returns in the upcoming public offering. Notably, Forerunner Ventures and Homebrew are also stakeholders in the company.
Chime’s ambitions for a standout IPO are underscored by its roster of high-profile investment banks, which includes Morgan Stanley, Goldman Sachs, and JP Morgan. This strategic alliance indicates confidence in a successful market entry.
Financial performance data paints a promising picture for Chime. The company reported $1.67 billion in revenue for 2024, with losses of $25 million, a notable improvement from the previous year when it generated nearly $1.3 billion but incurred a $203 million loss. Early figures for the first quarter of 2025 show revenue at $519 million, suggesting a trajectory toward $2 billion by the end of the year, along with a potential path to profitability.
Chime specializes in a variety of banking services, including checking and savings accounts, as well as debit and credit cards, and claims to have 8.6 million active users.
An intriguing aspect of the S-1 paperwork reveals that board member Cynthia Marshall previously served as the CEO of the Dallas Mavericks from 2018 until December 2024. During her tenure, Chime entered a sponsorship deal with the Mavericks, worth approximately $33 million over three years, which featured the Chime logo on team jerseys and other promotional opportunities. This partnership could have influenced Chime’s financial health, illuminating paths that may have otherwise led to profitability sooner.