Chime Shares Jump 37% in Nasdaq Debut, Raising $700 Million

Benzinga

Chime shares soared 37% in their Nasdaq debut Thursday, closing at $37.11, up from the IPO price of $27, according to CNBC. The online banking provider raised $700 million in its offering, with existing investors selling another $165 million, pushing the company's market cap to $13.5 billion. The debut signals renewed investor appetite for fintech stocks following a multi-year IPO drought. Chime reported $518.7 million in quarterly revenue, up 32% year-over-year. CEO Chris Britt highlighted the company’s focus on middle-income Americans overlooked by traditional banks.

Transcript

00:00It's Benzinga bringing Wall Street to Main Street.

00:02Chime shares soared 37% of their Nasdaq debut Thursday, closing at $37.11,

00:08up for the IPO price of $27, according to CNBC.

00:11The Adelaide banking provider raised $700 million in its offering,

00:14with existing investors selling another $165 million,

00:17pushing the company's market cap to $13.5 billion.

00:20The abuse signals renewed investor appetite for fintech stocks

00:23following a multi-year IPO drought.

00:25Chime reporting $518.7 million in quarterly revenue of 32% year-over-year.

00:31CEO Chris Britt highlighted the company's focus on middle-income Americans

00:34who are overlooked by traditional banks.

00:36For all things money, visit Benzinga.com slash GSTV.

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