news 
With Strong 2024 Growth, Chime Appears On Track For An IPO
Chime, the largest digital bank in America, has reportedly seen remarkable growth in 2024, with its revenue reaching a staggering $1.7 billion, representing an astonishing 30% increase from 2023. According to a source familiar with the company’s finances, Chime’s net loss also significantly diminished, dropping to less than $50 million – a stark contrast to the $200 million losses incurred in 2023.
This impressive growth has many industry insiders predicting that Chime will indeed go public in the first half of this year. In fact, the company filed confidentially for an IPO late last year and is reportedly planning to do so as early as possible within the next six months.
It’s no surprise then that Chime is expected to be valued at a whopping $10 billion or more upon its initial public offering. This would be a substantial increase from previous estimates, reflecting the company’s remarkable 2024 performance.
While Chime faces stiff competition in the fintech space – particularly from Block’s Cash App, which has seen slowing growth of late – it appears to be well-positioned to avoid similar issues due to its focus on getting customers to sign up for direct deposit. This strategy has allowed the company to build a sticky business and maintain strong user engagement.
Despite its relatively small market share in primary banking apps – with Chase boasting 58 million active mobile customers by year-end 2024, Chime is poised to capitalize on its position as the largest digital bank in America. With revenue growth of over $1 billion in a single year, it’s no wonder that many are predicting an IPO.
In fact, Caplight, a secondary market trading and analytics firm, estimates that Chime will be valued at a staggering $11 billion – a substantial increase from previous years.
