Chime opens at $43 in Nasdaq debut after pricing IPO above expected range

Core Insights - Chime's IPO opened at $43 after selling shares at $27, valuing the company at $11.6 billion [1] - The valuation represents a significant decrease from the $25 billion valuation during its last fundraising round in 2021 [2] - The fintech IPO market is showing signs of recovery, with recent successful debuts from companies like eToro and Circle [3] Financial Performance - Chime reported $518.7 million in revenue for the latest quarter, reflecting a 32% year-over-year increase [3] - Net income for the quarter was $12.9 million, a slight decrease from $15.9 million in the same period last year [3] Customer Base and Services - Chime targets Americans earning $100,000 a year or less, a demographic often neglected by traditional banks [4] - Two-thirds of Chime's customers use the platform as their primary account, benefiting from services that help avoid fees, access short-term liquidity, build credit, and save [4]