Fintech firm Chime submits application for Nasdaq initial public offering.

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Financial technology company Chime on Tuesday filed paperwork to go public on the Nasdaq. The company intends to file under the ticker symbol “CHYM.”

“Chime is a technology company, not a bank,” the company said in its prospectus, noting it’s not a member of the U.S. Federal Deposit Insurance Corp. Still, the company cited Bank of America, Capital One, Citibank, JPMorgan Chase, PNC Bank, and Wells Fargo as competitors.

According to the filing, Chime generates revenue from interchange fees associated with purchases made with Chime debit and credit cards. Banks collect these fees, which are generally a percentage of the transaction value, plus a fixed amount per transaction based on rates determined by the card networks. The banks subsequently pass some of this revenue on to Chime.

In the March quarter, Chime generated $12.4 million in net income on $518.7 million in revenue, marking a 32% increase in revenue. By the end of March, Chime had 8.6 million active members, reflecting a 23% year-over-year growth. The average revenue per active member rose to $251 from $231. The company reported having members in all 50 states, with 55% identifying as female, and an average member age of 36.

Following an extended dry spell, IPOs appeared set for a rebound when President Donald Trump returned to the White House in January. CoreWeave’s March debut provided some momentum, but Trump’s tariff announcement in April destabilized the market, causing companies, including Chime, to delay their plans. Trading platform eToro is now scheduled to debut this week, while digital health company Hinge Health issued its pricing range for an IPO on Tuesday, with an expected offering coming soon.

Chime’s public filing is the latest indication that emerging tech companies are preparing to gauge the market’s appetite for risk. Last month, Figma disclosed its confidential filing for an initial public offering.

Chris Britt, Chime’s co-founder and CEO, indicated in 2020 that the company would be ready for an IPO within the following 12 months. However, late 2021 saw market sentiment turn negative on technology stocks as inflation increased, prompting central banks to raise interest rates.

Chime was founded in 2012 and is based in San Francisco. It ranked 22nd on a recent list of disruptor companies.

Investors include Crosslink Capital, DST Global, General Atlantic, Iconic Strategic Partners, and Menlo Ventures.

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