Digital banking platform Chime has officially filed its S-1 to go public, marking a significant milestone for the company after a confidential filing late last year.
The IPO paperwork, released Tuesday, shows the company is aiming for a blockbuster listing, though many financial details — including share count and pricing — remain undisclosed. According to Renaissance Capital, Chime may be targeting a $1 billion raise.
The company’s backers include prominent names such as DST Global, Crosslink Capital, Access Industries, General Atlantic, Menlo Ventures, and Iconiq. Collectively, these investors poured in $2.65 billion in private capital, culminating in the firm’s 2021 valuation of $25 billion.
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Strong financials and major underwriters fuel optimism
Chime’s IPO filing indicates it ended 2024 with $1.67 billion in revenue and just $25 million in losses — a substantial improvement over its 2023 losses of $203 million on $1.3 billion in revenue. First-quarter 2025 revenue has already hit $519 million, suggesting Chime could reach $2 billion in revenue this year and approach profitability.
The company has enlisted major underwriters, including Morgan Stanley, Goldman Sachs, and JP Morgan — a sign it expects substantial market interest.
$33M Sponsorship deal raises questions about profitability
One of the more unusual details in the filing was a disclosure about the sponsorship of the NBA’s Dallas Mavericks. From 2022 to 2024, Chime paid roughly $33 million for jersey branding and other marketing benefits. The sponsorship coincided with board member Cynthia Marshall’s tenure as CEO of the Mavericks — a connection that could attract scrutiny.
The company noted that without the sponsorship deal, it may have already turned a profit.
What’s next?
The Fintech, which offers checking, savings, debit, and credit card products to its 8.6 million active users, is widely seen as a leader in the consumer fintech space. As it heads toward the public markets, the company hopes its improving financials, growing customer base, and diversified services will help justify its ambitious valuation.
