One of the most anticipated IPO this yr took place on Thursday, when Neobank Chime collected $ 864 million in its public offer, valuing its shares at $ 27, which is above the announced range from 24 to 26 USD. This gave him the initial market capital in the amount of around $ 9.8 billion.
While some would note that it is much below their last private valuation of $ 25 billion, in response to PitchBook estimates, Actions opened to USD 42, which is $ 14.5 until noon in heavy tradeAccording to Yahoo Finance. He closed the day to $ 37 and about $ 12 billion in market capitalization. It is still shy towards his past, but it was a healthy response of retail investors.
The hungry response is largely as a result of impressive funds. Chime Reported USD 1.3 billion revenues in 2023 and USD 1.7 billion in 2024. losses fell from USD 203 million in 2023. to USD 25 million in 2024. It became profitable in the first quarter of $ 2025 from USD 13 million net income with revenues of USD 519 million – although the company warns that it could be black.
Despite this, no founder’s journey is at all times right and on the right, and this is very true in the case of Chime. The company had its participation in the struggle, comparable to exemptions in 2022 and the fight against regulatory bodies in 2021, which forbade her to be called a “bank”.
But the biggest fight was when she almost died before they raised the B series.
“We founded the company in 2012, and the first, really five or six years was very difficult in terms of investors’ conviction to invest in idea and business. It was simply, much more difficult than I expected,” said Techcrunch, a member of the board (currently a member of the board and the foremost shareholder).
“At the beginning of 2016, in particular we tried to raise the extension to our series A and we played 100 investors, maybe more, and we got 100 not,” he said.
He said Chime was hardly money. He and co -founder and general director Chris Britt still believed in the mission: online banking experience, addressed to the working class, which was free for users, earning on exchange fees. For example, Chime does not charge fees for credit loans and offers a loan building tools comparable to “credit cards”.
But VC after VC looked at the heavily regulated industry, which tried to disrupt, and its decent growth until then and passed.
King remembers reading an article from the technological press about how the founders Robinhood played from 50 to 75 investorsAnd I only got a (*100*) sheets, mocking myself: “I get 50 not in a week,” he said, smiling now.
So what happened to save lots of Chime? A single seed investor said: Lauren, then a partner in Aspect Ventures, today co -founder of ACREW CAPITAL. Colorful led Chime’s Extension of $ 9 million.
“She really bet on Chris and me and believed in our passion, enthusiasm and a kind of attitude,” he said. “It was the only time sheet we had at that time.” She remained such a great supporter that Chime invited her on the podium to call the opening bell in Nasdaq.
At that point, this check brought a total increase in Chime to $ 21 million. Britt and King would raise around $ 2.65 billion as a private company, offer a Pitchbook. A (*100*) years later he can be prosecuted by the famous VC, comparable to Iconiq.
Meanwhile, he saved the company by buying 26 cents per share, as Disclosure of the company shares prices of your private rounds. So, nonetheless, many billions of Thursday’s valuation landed, they clearly win. (Colorful didn’t immediately answer our request for comment.)
However, the icing on the cake for King appeared during the company’s road where institutional investors bought their IPO shares.
While asked for a bodyguard identifier in a white building, which looked like a set from the HBO “Billid” program, the guard saw the Britt card in his portfolio.
“And the security guard says:” Oh, I see this finger card. ” And he blinks to us, “King said. The founders asked if he was a customer and the guard replied: “Checking and savings, honey!” And he gave the founders five.