Pavlo Gonchar | Sopa images | Lightrocket | Getty images
Financial technology company Chime Tuesday filed documents to make public at Nasdaq. The company intends to file under the symbol of Ticker “Chym”.
“Chime is a technological company, not a bank,” said company in its prospectus, noting that he is not a member of the Federal Deposit Insurance Corp. In the United States, the company cited Bank of America, Capital One, Citibank, Jpmorgan Chase, PNC Bank and Wells Fargo as competitors.
Most of the new members of Chime who organize a direct deposit had previously direct deposit elsewhere, “most often with the big outgoing banks,” said the company.
According to the file, the carillon includes revenues of the exchange fees associated with purchases that members make with debit cards and credit cards. Banks perceive exchange costs, which generally represent a percentage of the value of the transaction, plus an amount defined for each transaction according to the rates determined by the card networks such as Visa. The banks then transmit money to the chime.
In the March quarter, the chime generated $ 12.4 million in net profit on 518.7 million dollars in revenues. Income increased by 32%. At the end of March, Chime had 8.6 million active members, up approximately 23% from one year to the next. The average turnover per active member, at $ 251, was up $ 231. He has members in the 50 states and 55% of them. The average age of members is 36 years. About two -thirds of them turn to the chime for their “main financial relationship, said Caring.
Chime offers eligible members with direct deposit can borrow up to $ 500 with a fixed interest rate of $ 5 for each $ 100 borrowed. The company does not charge late costs or compound interest.
After prolonged drought, the IPOs looked for a rebound for a rebound when President Donald Trump returned to the White House in January. Coreweave The beginnings in March gave momentum. But Trump’s pricing announcement in April finished the market and managed companies, including Chime as well as the trading platform Etoro, online lender Klarna and the Stobhub ticket market to delay their plans.
Etoro is expected to make his debut this week, and the digital health company Hinge Health has published its price range for its IPO Tuesday, win an expected offer to come. The public deposit of Chime is the last sign that emerging technological companies are preparing to test the market appetite for risks. Last month, Figma said that he had confidentiality for a first public offer.
Chris Britt, co-founder and CEO of Chime, told CNBC in 2020 that he would be ready for an IPO for the next 12 months. But at the end of 2021, the markets became negative on technology as inflation has accelerated, which prompted central bankers to increase interest rates.
Chime was founded in 2012 and is based in San Francisco. He ranked 22nd on the list of private CNBC companies.
Investors include Crosslink Capital, DST Global, General Atlantic, emblematic strategic partners and Menlo Ventures.
– Ari Levy de CNBC contributed to this report.
This is a news. Please update updates.
