Chime Financial Inc Overview
Employee trend
Note: only the FY2025 figure of 1,519 is disclosed in the Form 10-K. FY2023 and FY2024 figures shown above are approximate, drawn from company career-site and secondary aggregator disclosures ("more than 1,300 employees"), and should be treated as indicative rather than filed data. Chime did not file annual reports for FY2023 or FY2024 as it was private throughout those periods.
150-word positioning statement
Chime Financial, Inc. is the largest consumer neobank in the United States by primary-account relationships, serving 10.4 million Active Members as of 30 June 2026 through a mobile-first platform that intermediates FDIC-insured deposit, card, liquidity and credit-building products issued by two national bank partners, The Bancorp Bank, N.A. and Stride Bank, N.A. Chime is explicitly not a bank; it is a program manager and technology platform. Its economic model is asset-light and payments-driven: the substantial majority of revenue derives from interchange fees paid by merchants through the Visa network when members transact on Chime-branded debit and secured credit cards, rather than from fees charged to members or from net interest margin. Chime targets the roughly 196 million Americans earning up to $100,000 annually — approximately 75% of the adult population — a cohort structurally underserved by deposit-and-lending-driven incumbent banks. Its proprietary ChimeCore processing and ledger stack, completed in November 2025, underpins a cost-to-serve advantage and accelerating product velocity.
The company's own characterisation
The FY2025 Form 10-K opens Item 1 with an unusually direct articulation of the thesis: "We created Chime to help everyday people make progress in their financial lives. For too long, millions of Americans, including the nearly 75% of the adult population that earn up to $100,000 annually, have struggled with bank relationships that are not always aligned with their best interests." The filing states that through direct relationships with FDIC-insured bank partners, Chime delivers products addressing "spending, saving, accessing liquidity, and building credit, all while avoiding punitive fees."
Chime frames its structural advantage in two parts. First, a cost advantage: "Our proprietary technology platform and our digital-first approach give us both a radical cost-to-serve advantage and greater innovation velocity compared to traditional banks." Second, an incentive alignment: "we primarily generate revenue when members spend using a Chime-branded debit or credit card, based on fees paid via the card networks, rather than fees paid to us by our members." The filing contrasts this with incumbents: "Traditional banks rely on a net interest margin-based business model, primarily monetizing customer deposits and lending. This approach works well for the most affluent customers with higher credit scores... but is ineffective for everyday Americans, most of whom live paycheck-to-paycheck."
Independent characterisation
Chime is best understood not as a bank and not as a lender, but as a consumer payments distribution and engagement platform with an embedded, direct-deposit-collateralised credit book. Three mechanics define the model.
The interchange engine. Chime's bank partners are both below the $10 billion asset threshold and therefore exempt from the Durbin Amendment's debit interchange caps. Chime's partners collect interchange on member card transactions and remit amounts to Chime under contract, "less costs associated with our members' transactions and certain fixed fees — either a percentage of the purchase volume or a set fee per transaction" (FY2025 10-K). Chime recognises the gross interchange amount as payments revenue. This is a high-margin, volume-linked revenue stream that scales with member count multiplied by top-of-wallet share of non-discretionary spend.
The direct-deposit moat. Chime's most valuable asset is not deposits — it holds none on its own balance sheet — but the recurring paycheck relationship. The 10-K describes this precisely: recurring paycheck deposits "provide us with an advantage to offer our members access to valuable, short-term credit and liquidity products at scale given the privileged repayment position for such products." In practical terms, when a member's paycheck lands in a Chime account, Chime is first in the repayment queue for MyPay advances, SpotMe overdrafts and Instant Loans. This is why MyPay achieved a 1% steady-state loss rate within twelve months of launch, and why Q2 2026 MyPay loss rates improved further to 0.9%.
The tiering ladder. Chime has progressively built a membership hierarchy that converts engagement into monetisation: standard members, Chime Plus (qualifying direct deposit, elevated APY and cash back), and from April 2026, Chime Prime ($3,000+ monthly qualifying direct deposit; 5% cash back on a chosen category, 3.75% savings APY, higher MyPay and Instant Loan limits, zero-fee managed investment portfolios). Management disclosed in the Q2 2026 release that Chime Prime members generate more than double the average revenue per Active Member.
Revenue model composition
Chime reports two revenue categories. Payments revenue is interchange-driven and includes out-of-network ATM fees and out-of-network cash deposit fees. Platform-related revenue comprises MyPay instant-transfer fees, Outbound Instant Transfer (OIT) fees, Instant Loans revenue, net revenue on high-yield savings balances, voluntary SpotMe tips, and Chime Deals affiliate economics. There is no subscription revenue in the conventional sense — the membership tiers are free — and no licensing revenue. Chime Enterprise is a member-acquisition channel offered at no cost to employers or employees rather than a B2B revenue line.
Value chain position
Chime sits between the card networks and bank charters on one side and the consumer on the other, owning the customer relationship, the brand, the app, underwriting logic, fraud and risk decisioning, and — since November 2025 — the transaction processing and ledger. It does not own a charter, does not hold deposits, and does not carry meaningful balance-sheet credit risk on most liquidity products (MyPay receivables are substantially off-balance-sheet; Instant Loans are held partly as loans held for investment, $97.4 million net at 30 June 2026).
Customer types and end-markets
Retail consumers only. The 10-K's target definition is explicit: Americans earning up to $100,000 annually, with a stated growth ambition to extend to those earning up to $200,000. Management noted in Q2 2026 that "our fastest-growing segment continues to be members making $75,000 and more annually." Chime Enterprise reaches these same consumers through employers, concentrated in frontline, hourly and shift-based sectors — transportation, security, call centres, hospitality, parking, student transportation and retail.
Financial Narrative
Important disclosure limitation
Chime completed its IPO on 12 June 2025. Its registration statement presented audited financials for FY2022, FY2023 and FY2024; the FY2025 Form 10-K presents FY2023, FY2024 and FY2025. FY2021 financial statements have never been publicly filed and are not publicly disclosed. For FY2022 and FY2023, only selected line items (revenue, net loss) entered the public record via press coverage of the S-1 and via aggregator extracts of the filed statements; the complete FY2022 and FY2023 income statement, balance sheet and cash flow statement are not reproduced here because they were not obtained from primary sources in this research. Tables below are therefore constructed only over periods with verified data, and gaps are stated rather than estimated.
6.1 Headline revenue and earnings, FY2022–FY2025
Revenue: FY2022 $1.01 billion and FY2023 $1.28 billion per S&P Global Market Intelligence extracts of Chime's filed statements; FY2024 $1,673.27 million and FY2025 $2,186.77 million per the FY2025 earnings release. Net loss: FY2022 $470 million and FY2023 $203 million as disclosed in the S-1 and widely reported; FY2024 $25.34 million and FY2025 $1,009.94 million per the FY2025 earnings release. FY2022 growth cell set to zero as FY2021 is not publicly disclosed. Three-year revenue CAGR FY2022–FY2025: 29.4%.
6.2 Consolidated statement of operations, FY2024–FY2025
Source: Chime Financial, Inc. consolidated statements of operations, FY2025 earnings release dated 25 February 2026. FY2025 Adjusted EBITDA reconciliation includes a $32.6 million add-back for one-time third-party processor termination costs and $11.2 million of stock-based charitable contribution expense.
6.3 Balance sheet, FY2024–H1 2026
Sources: consolidated balance sheets in the FY2025 earnings release (31 December 2025 and 31 December 2024) and the condensed consolidated balance sheet in the Q2 2026 8-K (30 June 2026). Goodwill and intangible assets arising from the Salt Labs acquisition are not presented as a separate line on the face of the balance sheet and are not separately quantified in the earnings releases; the preliminary purchase price was approximately $43.3 million with developed technology identified as an acquired intangible. Chime carries no debt other than the warehouse facility; the $475.0 million revolving credit facility was undrawn at 31 March 2026 with $31.4 million of letters of credit outstanding.
6.4 Cash flow, FY2024–H1 2026
Source: consolidated and condensed consolidated statements of cash flows, FY2025 earnings release and Q2 2026 8-K.
6.5 Ratio analysis
Return on equity is set to zero for FY2024 and FY2025 because average stockholders' equity spans a sign change (a deficit of $1,930.6 million at 31 December 2024 converting to positive equity of $1,401.7 million at 31 December 2025 upon preferred conversion at IPO), rendering the calculation not meaningful. H1 2026 ROE annualises $81.3 million of net income against average equity of $1,403.3 million. Net debt to EBITDA is set to zero because Chime is in a net cash position of $1,078.4 million at 30 June 2026. Interest coverage is not meaningful: cash interest paid was $0.2 million in H1 2026 against $67.5 million of operating income. FY2024 asset turnover is set to zero because FY2023 total assets are not publicly disclosed. Cash conversion cycle is not a meaningful metric for Chime: the company holds no inventory and its receivable is a settlement receivable from bank and network partners rather than a trade receivable — days sales outstanding on that basis was approximately 43 days at 30 June 2026, computed on annualised Q2 revenue.
6.6 Quarterly progression
Q1 2025 gross profit derived (H1 2025 gross profit of $919.4 million less Q2 2025 of $461.0 million). Q3 2025 net loss of $54.7 million, Adjusted EBITDA of $28.8 million, ARPAM and Purchase Volume are derived from disclosed full-year and adjacent-quarter figures and should be treated as analytical estimates. All other figures are as reported.
6.7 Commentary on trends, inflections and drivers
The FY2025 net loss is an accounting artefact, not an operating event. Chime reported a $1,009.9 million net loss in FY2025 against a $25.3 million loss in FY2024 — a nominal deterioration of nearly 4,000%. The entirety of the deterioration and more is explained by stock-based compensation and related payroll tax, which rose from $29.8 million in FY2024 to $1,092.8 million in FY2025, of which $928.1 million was recognised in Q2 2025 on the IPO vesting event. Excluding SBC, FY2025 pre-tax result would have been approximately $83.7 million positive. Adjusted EBITDA moved from negative $7.0 million to positive $126.6 million. The relevant read-through is that the loss line will not recur: Q2 2026 SBC was $71.2 million, down 92% year over year, and the Q3 2026 restructuring is expected to produce a further $9–12 million net SBC reversal.
The margin inflection is real and steep. Adjusted EBITDA margin progressed 3% (Q2 2025), 5% (Q3 2025), 10% (Q4 2025), 18% (Q1 2026), 15% (Q2 2026), with the sequential dip in Q2 reflecting the loss of Q1's tax-season seasonality rather than deterioration. Incremental Adjusted EBITDA margin was 57% in Q4 2025, 73% in Q1 2026 and 60% in Q2 2026; FY2026 guidance implies approximately 63%. Chime crossed into GAAP profitability in Q1 2026 and sustained it in Q2 2026 with $27.9 million of net income.
Gross margin is grinding upward toward a stated 90% target. The ChimeCore migration, completed 4 November 2025, is credited with reducing transaction processing costs by an estimated 60%. Gross margin moved from 88% in FY2024 and FY2025 to 90% in Q1 2026 and 89% in Q2 2026. Cost of revenue grew only 12% year over year in Q2 2026 against 27% revenue growth.
Transaction and risk losses are the swing factor to watch. These rose 85% in FY2025, from $219.7 million to $407.3 million, as MyPay scaled through its loss-curve maturation. That is the reason transaction margin compressed from 74% to 69% in FY2025. The reversal has been decisive: transaction and risk losses fell 7% year over year in H1 2026 despite MyPay origination volume of $4.5 billion in Q2 alone, taking transaction margin to 75% for H1 2026.
Operating leverage is now visible in the fixed cost base. Excluding SBC, Q2 2026 member support and operations of approximately $100 million was up only marginally on the $80 million prior-year comparable despite 20% member growth; sales and marketing fell 11% in absolute dollars year over year in Q2 2026 to $164.2 million (25% of revenue in H1 2026 against 29% in FY2025 and 31% in FY2024), reflecting increasing reliance on referral and organic acquisition and, prospectively, on the employer channel.
Cash generation has turned sharply. Operating cash flow of $295.0 million in H1 2026 exceeded the combined FY2024 and FY2025 total of $116.9 million. Free cash flow of $277.6 million in H1 2026 represents a 21% FCF margin. Capital intensity remains trivial at approximately 1.3% of revenue.
Balance sheet. Chime is debt-free apart from a $50 million warehouse draw supporting the Instant Loans book. Net cash of $1,078.4 million at 30 June 2026 represents roughly 9% of market capitalisation. The $475 million revolver is undrawn. The principal balance-sheet obligation is the product obligation of $134.3 million, representing the fair-valued liability associated with MyPay and related products.
7. SEGMENTAL AND GEOGRAPHIC REVENUE MAPPING
Chime does not disclose geographic revenue, because it has none to disclose in a meaningful sense. The company operates exclusively in the United States. The FY2025 Form 10-K states that Chime offers checking accounts, Chime-branded debit cards, Pay Anyone, SpotMe, and Credit Builder and Chime Card secured credit cards in all 50 states, while noting that "certain newer products, such as MyPay and Instant Loans, are not yet available in all 50 states." One wholly-owned subsidiary holds money transmitter licences (or equivalents) in 39 US states, with an intention to obtain additional licences where required. Lending activity is conducted through subsidiary Chime Capital, LLC.
The FY2025 Form 10-K tax footnote references a Canadian jurisdiction, indicating some non-US corporate presence, but no international revenue is disclosed and the business description contains no international operations. State-level tax jurisdiction tagging in the FY2025 10-K XBRL identifies California, Texas, Oregon, South Carolina and New York alongside the federal jurisdiction, consistent with distributed employment rather than distributed revenue.
State-level and regional considerations
No country-level or state-level revenue is disclosed. The relevant geographic constraint on growth is regulatory rather than commercial: MyPay and Instant Loans — the two fastest-growing products, together contributing the majority of platform revenue growth — remain unavailable in an undisclosed subset of states pending lending licences and state-specific product configuration. Each incremental state authorisation is therefore a discrete, unquantified growth unlock that Chime does not itemise. This is the single most material undisclosed geographic variable in the model.
Fastest-growing and declining areas
Within the only meaningful disaggregation Chime provides — by revenue type — platform-related revenue is the fastest-growing line at 73% in FY2025 and 48–50% in the first half of FY2026, and no revenue line is in decline. The slowest-growing line is payments revenue at 17–18%, which is nonetheless accelerating on a Purchase Volume basis: PV growth accelerated from 12% in Q1 2026 to 17% in Q2 2026, attributed directly to Chime Prime adoption and the associated debit-to-credit spend migration.
Financial Detail
Financial Analysis
| Metric | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|
Revenue (USD M) | 1010 | 1280 | 1673 | 2187 |
Revenue YoY growth (%) | 0 | 27 | 31 | 31 |
Net income (loss) (USD M) | -470 | -203 | -25 | -1010 |
Net margin (%) | -47 | -16 | -2 | -46 |
Financial Analysis
| Metric | FY2024 | FY2025 |
|---|---|---|
Revenue (USD M) | 1673.3 | 2186.8 |
Cost of revenue (USD M) | 207.5 | 263.0 |
Gross profit (USD M) | 1465.8 | 1923.7 |
Gross margin (%) | 88 | 88 |
Transaction and risk losses (USD M) | 219.7 | 407.3 |
Transaction profit, non-GAAP (USD M) | 1246.1 | 1516.4 |
Transaction margin (%) | 74 | 69 |
Member support and operations (USD M) | 286.9 | 458.0 |
Sales and marketing (USD M) | 519.8 | 635.4 |
Technology and development (USD M) | 309.6 | 934.9 |
General and administrative (USD M) | 177.2 | 512.1 |
Depreciation and amortisation in opex (USD M) | 14.9 | 16.0 |
Total operating expenses (USD M) | 1528.0 | 2963.7 |
Loss from operations (USD M) | -62.2 | -1040.0 |
Operating margin (%) | -4 | -48 |
Other income, net (USD M) | 39.5 | 30.9 |
Loss before income taxes (USD M) | -22.7 | -1009.1 |
Provision for income taxes (USD M) | 2.6 | 0.8 |
Net loss (USD M) | -25.3 | -1009.9 |
Stock-based compensation and related payroll tax (USD M) | 29.8 | 1092.8 |
Total depreciation and amortisation (USD M) | 25.4 | 30.0 |
Adjusted EBITDA, non-GAAP (USD M) | -7.0 | 126.6 |
Adjusted EBITDA margin (%) | 0 | 6 |
Basic and diluted EPS (USD) | -0.39 | -4.27 |
Weighted average shares, basic and diluted (M) | 64.9 | 236.3 |
Dividends per share (USD) | 0.00 | 0.00 |
Financial Analysis
| Metric | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
Cash and cash equivalents (USD M) | 337.7 | 466.3 | 536.0 |
Restricted cash (USD M) | 12.3 | 14.5 | 65.0 |
Marketable securities (USD M) | 368.9 | 587.8 | 527.4 |
Product collateral (USD M) | 181.7 | 251.2 | 204.8 |
Accounts receivable, net (USD M) | 216.2 | 257.9 | 287.8 |
Loans held for investment, net (USD M) | 99.8 | 71.6 | 97.4 |
Total current assets (USD M) | 1287.0 | 1756.0 | 1789.5 |
Property, equipment and software, net (USD M) | 92.7 | 94.3 | 97.4 |
Operating lease right-of-use assets, net (USD M) | 49.3 | 83.4 | 78.9 |
Total assets (USD M) | 1461.0 | 1964.6 | 1996.6 |
Accounts payable (USD M) | 35.8 | 38.7 | 36.3 |
Accrued and other current liabilities (USD M) | 224.6 | 201.9 | 216.6 |
Product obligation (USD M) | 114.4 | 147.4 | 134.3 |
Total current liabilities (USD M) | 374.8 | 387.9 | 387.2 |
Operating lease liabilities, non-current (USD M) | 80.6 | 123.3 | 117.8 |
Warehouse facility drawn (USD M) | 0.0 | 0.0 | 50.0 |
Total liabilities (USD M) | 501.5 | 562.9 | 591.8 |
Redeemable convertible preferred stock (USD M) | 2890.1 | 0.0 | 0.0 |
Additional paid-in capital (USD M) | 433.4 | 4775.6 | 4698.1 |
Accumulated deficit (USD M) | -2364.2 | -3374.1 | -3292.8 |
Total stockholders' equity (deficit) (USD M) | -1930.6 | 1401.7 | 1404.8 |
Working capital (USD M) | 912.2 | 1368.1 | 1402.3 |
Cash, restricted cash and marketable securities (USD M) | 718.9 | 1068.6 | 1128.4 |
Net cash position (USD M) | 718.9 | 1068.6 | 1078.4 |
Financial Analysis
| Metric | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
Net income (loss) (USD M) | -25.3 | -1009.9 | 81.3 |
Depreciation and amortisation (USD M) | 25.4 | 30.0 | 15.2 |
Stock-based compensation (USD M) | 29.8 | 1070.9 | 130.1 |
Provision for transaction dispute losses (USD M) | 50.6 | 63.6 | 43.7 |
Provision for credit losses (USD M) | 33.5 | 77.7 | 29.4 |
Cash flow from operating activities (USD M) | 64.1 | 52.8 | 295.0 |
Purchase of property, equipment and software (USD M) | 4.8 | 19.9 | 16.6 |
Capitalisation of internal-use software (USD M) | 9.7 | 8.8 | 0.8 |
Total capital expenditure (USD M) | 14.5 | 28.7 | 17.4 |
Free cash flow (USD M) | 49.6 | 24.1 | 277.6 |
Purchases of loans held for investment (USD M) | -1859.9 | -4940.1 | -2706.4 |
Repayments of loans held for investment (USD M) | 1729.5 | 4892.9 | 2652.5 |
Cash flow from investing activities (USD M) | 45.7 | -289.7 | -14.6 |
IPO proceeds, net of underwriting and offering costs (USD M) | 0.0 | 770.6 | 0.0 |
Taxes paid on net share settlement of RSUs (USD M) | 0.0 | -349.4 | -3.0 |
Repurchases of common stock (USD M) | -1.0 | -77.5 | -222.1 |
Dividends paid (USD M) | 0.0 | 0.0 | 0.0 |
Cash flow from financing activities (USD M) | 0.5 | 367.7 | -160.0 |
Cash paid for interest (USD M) | 0.5 | 0.3 | 0.2 |
Financial Analysis
| Metric | FY2024 | FY2025 | H1 2026 |
|---|---|---|---|
Gross margin (%) | 88 | 88 | 89 |
Transaction margin (%) | 74 | 69 | 75 |
Adjusted EBITDA margin (%) | 0 | 6 | 17 |
Net margin (%) | -2 | -46 | 6 |
Return on assets, annualised (%) | -2 | -59 | 8 |
Return on equity (%) | 0 | 0 | 12 |
Current ratio (x) | 3.43 | 4.53 | 4.62 |
Debt to equity (x) | 0.00 | 0.00 | 0.04 |
Net debt to EBITDA (x) | 0.00 | 0.00 | 0.00 |
Asset turnover, annualised (x) | 0.00 | 1.28 | 1.33 |
Free cash flow margin (%) | 3 | 1 | 21 |
Sales and marketing as share of revenue (%) | 31 | 29 | 25 |
Financial Analysis
| Metric | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 | Q2 2026 |
|---|---|---|---|---|---|---|
Revenue (USD M) | 519 | 528 | 544 | 596 | 647 | 670 |
Gross profit (USD M) | 458 | 461 | 475 | 530 | 580 | 595 |
Gross margin (%) | 88 | 87 | 87 | 89 | 90 | 89 |
Transaction profit (USD M) | 349 | 363 | 377 | 427 | 491 | 492 |
Transaction margin (%) | 67 | 69 | 69 | 72 | 76 | 73 |
Net income (loss) (USD M) | 13 | -923 | -55 | -45 | 53 | 28 |
Adjusted EBITDA (USD M) | 25 | 16 | 29 | 57 | 119 | 102 |
Adjusted EBITDA margin (%) | 5 | 3 | 5 | 10 | 18 | 15 |
Active Members (M) | 8.6 | 8.7 | 9.0 | 9.5 | 10.2 | 10.4 |
ARPAM (USD) | 251 | 245 | 246 | 257 | 263 | 260 |
Purchase Volume (USD B) | 34.8 | 32.4 | 32.4 | 34.4 | 39.0 | 38.0 |
Financial Analysis
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
United States revenue (USD M) | 1280 | 1673 | 2187 |
United States share of total revenue (%) | 100 | 100 | 100 |
International revenue (USD M) | 0 | 0 | 0 |
Capital Markets
| Metric | Value |
|---|---|
IPO pricing date | 11 June 2025 |
First trading day | 12 June 2025 |
IPO price (USD) | 27.00 |
Marketed range (USD) | 24.00 to 26.00 |
Shares offered | 32,000,000 (25,900,765 primary; 6,099,235 secondary) |
Gross proceeds (USD M) | 864 |
Net proceeds to Chime (USD M) | 770.6 |
IPO-implied valuation (USD B) | 11.6 fully diluted |
First-day open (USD) | 43.00 |
First-day close (USD) | 37.11 |
First-day gain on offer price (%) | 37 |
All-time closing high (USD) | 37.11 on 12 June 2025 |
52-week range (USD) | 15.88 to 33.41 |
Closing price, 13 August 2026 (USD) | 32.18 |
Shares outstanding (M) | 378.59 |
Market capitalisation (USD B) | 12.18 |
Net cash (USD M) | 1078.4 |
Enterprise value (USD B) | 11.10 |
Single-day move, 6 August 2026 (%) | 28.5 |
Short interest (M shares) | 22.9 |
Short interest as share of float (%) | 7.0 |
Days to cover | 5.1 |
Capital Markets
| Metric | 1-year | 3-year | 5-year |
|---|---|---|---|
Total return (%) | 0 | 0 | 0 |
Capital Markets
| Metric | Value |
|---|---|
Trailing twelve month revenue to 30 June 2026 (USD B) | 2.457 |
Trailing twelve month net income (USD M) | -18.2 |
Trailing twelve month Adjusted EBITDA (USD M) | 305.7 |
Price to sales, trailing (x) | 4.96 |
Enterprise value to sales, trailing (x) | 4.52 |
Enterprise value to Adjusted EBITDA, trailing (x) | 36.3 |
Enterprise value to FY2026 guided Adjusted EBITDA midpoint of 470 (x) | 23.6 |
Price to book (x) | 8.67 |
Price to earnings, trailing GAAP (x) | 0.0 |
Price to earnings, normalised (x) | 22.09 |
Dividend yield (%) | 0.00 |
Capital Markets
| Source and date | Analysts covering | Consensus rating | Average price target (USD) | Range (USD) |
|---|---|---|---|---|
StockAnalysis, mid-August 2026 | 20 | Buy | 33.15 | 0.00 |
StockAnalysis forecast page | 13 | Buy | 33.00 | 17.00 to 40.00 |
Public.com, 5 August 2026 | 15 | Buy | 30.07 | 0.00 |
Tickeron, late July 2026 | approximately 19 | Moderate Buy | 30.00 | 0.00 |
Capital Markets
| Firm | New target (USD) | Prior target (USD) | Rating |
|---|---|---|---|
Canaccord Genuity | 45 | 40 | Buy |
B. Riley | 37 | 35 | Buy |
Goldman Sachs | 33 | 26 | Buy |
Morgan Stanley | 33 | 31 | Overweight |
Barclays | 33 | 26 | Buy |
BMO Capital Markets | 32 | 28 | Outperform |
Evercore ISI | Not disclosed | Not disclosed | Buy |
Freedom Capital | Not disclosed | Not disclosed | Buy (initiated 24 July 2026) |
Capital Markets
| Programme | Authorisation date | Size (USD M) | Status |
|---|---|---|---|
Initial share repurchase programme | 4 November 2025 (announced 5 November 2025) | 200.0 | Completed. 9,204,396 shares repurchased for $200 million, representing 2.44% of shares outstanding, as of 4 May 2026 |
Additional authorisation | 6 May 2026 | 200.0 | In progress |
Dividends | — | 0.0 | No dividend has ever been declared or paid. No dividend policy exists. Total cumulative dividends over five years: nil |
Capital Markets
| Instrument | Size (USD M) | Drawn at 30 June 2026 (USD M) | Maturity | Terms |
|---|---|---|---|---|
Senior secured revolving credit facility | 475.0 | 0.0 | 31 March 2030 | Entered 31 March 2025, replacing a prior $125.0 million facility. Priced off SOFR plus applicable margin or a base rate; $31.4 million of letters of credit outstanding at 31 March 2026 |
Warehouse facility | Not disclosed | 50.0 | Not disclosed | First drawn during H1 2026 to fund the Instant Loans held-for-investment portfolio; $50.0 million of proceeds received in H1 2026 |
Public debt | 0.0 | 0.0 | — | None issued |
Capital Markets
| Metric | Q3 2026 low | Q3 2026 high | FY2026 low | FY2026 high |
|---|---|---|---|---|
Revenue (USD M) | 680 | 690 | 2725 | 2745 |
Revenue growth (%) | 25 | 27 | 25 | 26 |
Adjusted EBITDA (USD M) | 105 | 110 | 465 | 475 |
Adjusted EBITDA margin (%) | 15 | 16 | 17 | 17 |
Capital Markets
| Catalyst | Timing | What to watch |
|---|---|---|
Q3 2026 results | Approximately early November 2026 | Whether the 25–27% growth guide is beaten again; restructuring charge lands within $16–20 million; Instant Loans exit run rate exceeds $100 million annualised |
Permanent CFO appointment | Search initiated 5 August 2026 | An external hire from a scaled public fintech would be read as an upgrade; a prolonged vacancy or another internal appointment would raise questions |
Chime Prime cohort economics | Q3–Q4 2026 | Whether Prime members sustain more than 2x average ARPAM as the cohort ages; whether credit's share of Purchase Volume continues rising from 27% |
Unsecured credit launch | Signalled, not dated | The single largest revenue unlock; watch for loss-rate guidance and state availability |
Chime Invest adoption | Q3–Q4 2026 | Managed portfolio AUM disclosure, if any; whether the tiered fee schedule drives Prime conversion |
Chime Enterprise pipeline conversion | Ongoing | Additional employer announcements; whether Allied Universal and First Student translate into disclosed member additions; any first disclosure of enterprise-channel CAC |
April 2026 breach litigation | Case management from July 2026 | Motions to dismiss; any factual finding on whether data was exfiltrated; any SEC or state breach-notification inquiry |
Account-freeze class action resolution | Expected 2026 | Settlement magnitude, if any |
Durbin and interchange policy | Ongoing | Any legislative or Federal Reserve movement on the small-issuer exemption |
Bank partner asset growth | Ongoing | Whether Bancorp or Stride approaches the $10 billion threshold |
Buyback execution | Ongoing | Pace of the second $200 million authorisation; any upsizing |
Lock-up and insider selling | Ongoing | DST Global, Crosslink, General Atlantic and Access Industries collectively hold roughly 34% of shares; distribution pressure is a live overhang given the 10 August 2026 "major shareholder exit" report |
FY2027 guidance | February 2027 | The first clean-comparison year; whether management guides to 20%+ growth with margins above 20% |
Executive Leadership
| Name | Title | Age | Tenure in role | Prior roles | Education |
|---|---|---|---|---|---|
Christopher R. Britt | Chief Executive Officer, Co-Founder and Chairman | 53 | CEO and Chairman since founding, 2012 | Green Dot Corporation (SVP Corporate Development 2010–2012; Chief Product Officer 2007–2010); senior positions at Visa and Comscore | B.A. History, Tulane University |
Mark Troughton | President and Interim Chief Financial Officer | 57–58 | President since December 2025; Interim CFO since 7 August 2026; COO November 2019–December 2025; Chief Business Officer September–November 2019 | President, Ring.com 2016–2018 (through Amazon acquisition); President, Whisper 2015–2016; President Americas, Wonga.com 2012–2013; Green Dot Corporation 2003–2012 including President, Cards & Network 2007–2012. Chartered Accountant | BCom, BCom (Hons), MCom, University of Cape Town |
Ryan King | Co-Founder | 49 | Co-Founder; CTO from founding to August 2022 and again August 2023–May 2024 | Plaxo (through Comcast acquisition); CTO and VP, Comcast Silicon Valley Innovation Center 2010–2012; senior engineering roles at Liberate Technologies and Microsoft | B.S. Computer Science and Engineering, UCLA; M.S. Computer Science, Stanford |
Adam Frankel | General Counsel and Corporate Secretary | 58 | Since August 2023 | General Counsel, CBAM Partners and successor 2018–July 2023; General Counsel, Evercore Partners 2006–2018; General Counsel, Genesee & Wyoming 2003–2006; Ford Motor Company; Simpson Thacher & Bartlett | B.A. Economics, Brown University; J.D., Stanford Law School |
Matthew Newcomb | Chief Financial Officer (departed 7 August 2026) | 40 | CFO September 2019–7 August 2026; joined September 2016 | Vice President, BlackRock Financial Markets Advisory and Portfolio Analytics 2008–2012; co-founder, DigiPuppets LLC 2014–2016 | B.A. International Relations, Brown University; M.B.A., Wharton |
Amine Asmerom | Controller / Chief Accounting Officer | Not disclosed | Not disclosed | Not disclosed in filings | Not disclosed |
Jason Lee | Head of Chime Enterprise | Not disclosed | Since June 2024 | Founder and CEO, Salt Labs; founder, DailyPay | Not disclosed |
| Name | Class | Age | Position | Director since | Independent | Audit and Risk | People, Culture and Compensation | Nominating and Corporate Governance |
|---|---|---|---|---|---|---|---|---|
Christopher Britt | I | 53 | CEO, Co-Founder, Chairman | 2012 | No | — | — | — |
Shawn Carolan | I | 51 | Director; Partner, Menlo Ventures since 2002 | 2018 | Yes | — | Member | — |
James Dunne | I | 69 | Director; Vice Chairman and Senior Managing Principal, Piper Sandler since January 2020; founding partner, Sandler O'Neill | 2021 | Yes | Member | — | Member |
Susan Decker | II | 63 | Director; CEO, Raftr Inc. since 2021; formerly President and CFO, Yahoo! Inc. | 2021 | Yes | Chair | — | — |
Ryan King | II | 49 | Co-Founder and Director | 2019 | No | — | — | — |
James M.P. Feuille | III | 68 | Director; Lead Independent Director; Venture Partner, Crosslink Capital | 2014 | Yes | Member | Chair | Chair |
Cynthia Marshall | III | 66 | Director; formerly CEO, Dallas Mavericks 2018–December 2024; President and CEO, Marshalling Resources | 2021 | Yes | — | Member | Member |
| Compensation element | Detail |
|---|---|
Named executive officers for FY2025 | Britt, Newcomb, Frankel, King, Troughton |
Structure | Base salary; annual cash bonus (not applicable to Britt or King); long-term equity in service-based RSUs and performance RSUs for the Co-Founders, and service-based RSUs plus stock options for other NEOs |
Newcomb base salary | $550,000 per annum ($45,833.33 per month), continued during his advisory transition period through 31 December 2027 (Transition Agreement dated 2 August 2026) |
Special awards | "2025 Co-Founder Special Awards" and "2025 Co-Founder Annual Awards" — multi-year equity grants to Britt and King structured with Compensia's assistance, including market-based PSUs |
Troughton interim CFO award | RSUs covering 1,340,034 shares of Class A common stock, vesting quarterly over four years, granted August 2026; no other compensation change |
Say-on-pay outcome, 2 June 2026 | 685,837,192 votes for; 6,658,614 against — approximately 99.0% support |
Say-on-pay frequency | Annual, adopted by the Board following 691,498,616 votes in favour of a one-year cycle |
| Director | Fees earned in cash (USD) | Stock awards (USD) | Total (USD) |
|---|---|---|---|
Shawn Carolan | 32500 | 200006 | 232506 |
Susan Decker | 80000 | 200006 | 280006 |
James Dunne | 75000 | 200006 | 275006 |
James M.P. Feuille | 63750 | 200006 | 263756 |
Cynthia Marshall | 72500 | 200006 | 272506 |
| Holder | Shares held (M) | Approximate stake (%) | Notes |
|---|---|---|---|
DST Global (via Galileo (PTC) Ltd, Cardew Services Ltd and affiliated DST partnerships) | 52.27 | 13.9 | Largest single holder; 10% owner filer on Form 4; held approximately 17% pre-IPO |
Crosslink Capital, Inc. | 29.25 | 8.6 | Earliest institutional backer; held approximately 9.5% pre-IPO; affiliated with director Feuille |
Access Industries, Inc. | 19.60 | 5.8 | |
General Atlantic LLC | 19.21 | 5.7 | |
Tiger Global Management, L.L.C. | 0.0 | 0.0 | Position size not verified; identified as a top-ten holder |
ICONIQ Capital, LLC | 0.0 | 0.0 | Position size not verified |
Coatue Management, L.L.C. | 0.0 | 0.0 | Position size not verified |
Menlo Ventures | 0.0 | 0.0 | Position size not verified; affiliated with director Carolan |
Forerunner Ventures Management, LLC | 0.0 | 0.0 | Position size not verified |
Dragoneer Investment Group, LLC | 0.0 | 0.0 | Position size not verified |
Aspect Management, LLC | 0.0 | 0.0 | Position size not verified |
| Date | Initiative | Detail and strategic intent |
|---|---|---|
June 2024 | Chime Enterprise launched with Salt Labs acquisition | New distribution channel via employers at structurally lower customer acquisition cost; led by Jason Lee |
2024 | ChimeCore launched | Proprietary payment processor and ledger; vertical integration to reduce cost-to-serve and remove third-party development dependency |
2024 | MyPay launched | Earned wage access; the primary engine of platform revenue growth |
March 2024 | Instant Loans launched | Installment lending built on the direct-deposit repayment advantage |
Q3 2025 | Chime Card launched | First product built end-to-end on ChimeCore; higher net take rate than debit |
2025 | MyPay at Work launched | Employer-integrated EWA |
2025 | GenAI voicebot deployed | More than doubled satisfaction scores versus the legacy voice system |
4 November 2025 | ChimeCore migration completed | 100% of accounts on proprietary stack; third-party processor terminated at a $32.7 million one-time cost; estimated 60% reduction in transaction processing cost |
5 November 2025 | $200 million share repurchase programme authorised | First capital return |
April 2026 | Chime Prime launched | Premium tier at $3,000+ monthly direct deposit; the principal ARPAM and mix-shift lever |
6 May 2026 | Additional $200 million repurchase authorisation | |
29 May 2026 | Compound Combine series with Invest America | Financial education and early wealth-building initiative for American families |
20 July 2026 | Chime Invest launched with Atomic Invest | Entry into wealth management; tier-differentiated fee schedule reinforces the Prime ladder |
31 July 2026 | Reorganisation plan approved | Approximately 10% headcount reduction; "flatter structures and smaller squads"; AI-enabled operating model |
3 August 2026 | Allied Universal employer partnership | Approximately 320,000 North American employees; largest enterprise win |
Q2 2026 | Second major employer partner — a large national retailer, unnamed | Together with Allied Universal, more than 350,000 US employees addressable |
Ongoing | Workday and UKG human capital management platform integrations | Workday Wellness integration announced August 2025; distribution through HCM ecosystems |
Planned | Unsecured credit line for members | Signalled on the Q2 2026 earnings call; would extend the credit franchise beyond secured products |
| Metric | FY2026 guidance (issued 25 Feb 2026) | FY2026 guidance (raised 6 May 2026) | FY2026 guidance (raised 5 Aug 2026) |
|---|---|---|---|
Revenue low (USD B) | 2.63 | 2.66 | 2.725 |
Revenue high (USD B) | 2.67 | 2.69 | 2.745 |
Revenue growth low (%) | 20 | 22 | 25 |
Revenue growth high (%) | 22 | 23 | 26 |
Adjusted EBITDA low (USD M) | 380 | 416 | 465 |
Adjusted EBITDA high (USD M) | 400 | 431 | 475 |
Adjusted EBITDA margin (%) | 14 | 16 | 17 |
Implied incremental Adjusted EBITDA margin (%) | 55 | 60 | 63 |
Competitive Landscape
| Dimension | Chime position | Nearest competitive threat |
|---|---|---|
Scale of primary account relationships | 10.4 million Active Members; more Americans opened checking accounts through Chime than any other institution per J.D. Power surveys (October–December 2025 and May 2026); management states Chime is more than 50% ahead of its closest competitor on new account openings | JPMorgan Chase, Bank of America on absolute account base |
Brand | Named top banking brand in America by TIME (2025); #1 in brand consideration among Americans earning up to $100,000; NerdWallet Best Checking Account and Best Online Banking Experience (2026) | SoFi on breadth; Cash App on youth penetration |
Deposit yield | 3.75% APY (Prime), 2.75% (Plus), 0.75% (standard) | SoFi at up to approximately 4% APY on savings and an interest-bearing checking account — a clear disadvantage for Chime standard members |
Product breadth | Spending, savings, liquidity, credit building, P2P, tax filing, investing (from July 2026); no crypto, no mortgages, no student or personal unsecured lending, no interest-bearing checking | SoFi materially broader: national bank charter, mortgages, student loans, personal loans, crypto, Galileo B2B infrastructure |
Charter status | None; dependent on Bancorp and Stride | Varo (national bank charter), SoFi (national bank charter), Discover, Ally — all self-chartered, insulating them from partner-bank risk |
Cost-to-serve | Roughly 30% reduction over three years via AI; 68% of tickets resolved without human interaction; support cost per member down 60% between FY2022 and Q1 2025; ChimeCore reduces processing cost approximately 60% | Structurally superior to branch-based incumbents; comparable to other digital-natives |
Interchange economics | Both bank partners under $10 billion in assets and therefore Durbin-exempt — a material, regulation-dependent advantage | Any competitor whose issuing bank exceeds $10 billion loses the same advantage; Green Dot's model is similar |
Credit franchise | Secured only; unsecured credit line signalled but not launched | SoFi, Capital One, Dave (ExtraCash) all have unsecured products in market |
| Metric | Chime (CHYM) | SoFi Technologies (SOFI) | Dave Inc. (DAVE) | Green Dot (GDOT) |
|---|---|---|---|---|
FY2025 revenue (USD B) | 2.19 | 0.00 | 0.00 | 0.00 |
FY2024 revenue (USD B) | 1.67 | 2.60 | 0.00 | 0.00 |
FY2025 revenue growth (%) | 31 | 0 | 0 | 0 |
Members or customers (M) | 10.4 | 10.9 | 13.5 | 0.0 |
FY2025 gross margin (%) | 88 | 0 | 0 | 0 |
FY2025 Adjusted EBITDA margin (%) | 6 | 0 | 0 | 0 |
Technology and development excluding SBC as share of FY2025 revenue (%) | 15 | 0 | 0 | 0 |
Holds a bank charter | 0 | 1 | 0 | 1 |
Recent Developments
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