Digital banking startup Chime Financial is finally ready for Wall Street.
The San Francisco-based fintech is reportedly aiming for a valuation of up to $11.2 billion on a fully diluted basis in its long-anticipated New York initial public offering—another sign that the IPO market is finding its footing again.
Chime and some of its existing investors are looking to raise up to $832 million by selling 32 million shares, priced between $24 and $26 each. The company itself is offering about 25.9 million shares, while early backers, including venture capital firm Cathay Innovation, will sell another 6.1 million.
After a choppy April derailed new listings, equities have rebounded and volatility has cooled, giving companies like Chime an opening to go public.
Chime, founded in 2012, has become a key player in the digital banking world by offering checking and high-yield savings accounts through its mobile app. Most of its revenue comes from transaction fees when customers swipe their Chime-branded debit and credit cards.
The company was last valued at $25 billion in a 2021 funding round led by some big names in venture capital, including DST Global, General Atlantic, and ICONIQ Capital.