Reported 2 days ago
Chime, the neobank fintech, has released its first earnings report since its IPO, with a quarterly revenue of $528 million, marking a 37% increase year-over-year. CEO Chris Britt highlighted that the growth was largely driven by seasonal factors, including tax refunds. Despite significant net losses of $923 million attributed to stock-based compensation, Chime is scaling effectively without physical branches. The company now services 8.7 million active users, with 67% relying on it for their primary financial relationship.
Source: YAHOO