Chime CFO talks IPO, the path to profitability, competition with traditional banks, and more

Company Performance & Valuation - Chime's IPO was priced at $27 per share, valuing the company at $116 billion [1] - This IPO valuation is a significant decrease from its previous private valuation of $25 billion [1] - Chime is not yet profitable but has made tremendous progress on profitability over the last couple of years [5][8] - The company's business model is payments-driven, relying on interchange fees rather than traditional banking fees [7][8] Business Model & Strategy - Chime offers fee-free banking services via a mobile app, including checking and savings accounts, debit and credit builder cards, and high-yield savings [2] - The company emphasizes alignment with its members, earning trust by serving as their primary account for everyday spending [9] - Chime views itself as having a generational opportunity to bank everyday Americans in an aligned way [5] - Chime's payments business is concentrated in non-discretionary spending, making it resilient regardless of the macro cycle [15] Market Opportunity & Customer Base - Chime currently serves 85 million Americans in a market of roughly 200 million Americans [13] - The average Chime customer is 36 years old and represents a broad cross-section of America [10]