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- Great quarter, guys!
Great quarter, guys!
Chime reports its first quarter as a public company
Jevgenijs Kazanins
August 10, 2025
Hey!
When we were working on “The State of Fintech 2025” with Simon, we kept coming back to the question: who’s going to become the Nubank of the U.S.? One of the frontrunners, Chime, went public in June.
Chime is one of America’s largest neobanks, serving over 8 million customers, most of whom earn up to $100,000 a year and are often overlooked by traditional banks. It offers checking and savings accounts, overdraft protection, a credit-builder card, cash advances, and more, all through a mobile-only platform.
The company just reported its first quarter as a public company. It was a strong set of results, but the stock dropped sharply and is now trading close to its IPO price. In other words, we didn’t miss much, but we now have a clearer view of what’s ahead.
I’m working on a longer write-up on Chime, but in the meantime, here’s an intro to this fascinating company! Enjoy!
Jevgenijs
p.s. if you have feedback, just reply to this email or ping me on X/Twitter
Chime is one of America’s largest neobanks, serving people who earn up to $100,000 a year, a group often overlooked by traditional banks. What started as a mobile-first checking account has grown into a financial services hub for millions of Americans who want banking that feels more like an app than a branch.
Image source: Chime
“We created Chime to help everyday people, starting with those earning up to $100,000 a year, who've been overlooked by traditional banks, not the unbanked, but the unhappily banked. Today, we're already the primary financial partner for millions, but our ambition is much bolder, to become the largest provider of primary account relationships in the U.S.”
Chime now offers checking and savings accounts, overdraft protection, a credit-builder card, cash advances, and more, all through a slick mobile app. With no branches and legacy systems to maintain, it can deliver these services at a fraction of the cost of a traditional bank, a key premise behind the digital banking model.
Image source: Chime, Form S-1
“We've earned the trust of our members and will support them in all areas of their financial lives across spending, saving, building credit, borrowing, investing and more. With our modern tech stack and radical cost-to-serve advantage, we can deliver innovative, personalized experiences to address each of these needs for free or low cost.”
The company went public in June at $27 per share, valuing it at $11.6 billion. The stock briefly hit $40, but reality set in, and now it’s hovering just above its IPO price. If you missed the IPO hype, you didn’t miss much, except a few roller-coaster weeks.
Image source: Chime, Form S-1
“Despite our scale, with less than 5% penetration, we're barely scratching the surface of the opportunity to serve nearly 200 million everyday Americans earning up to $100,000.”
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