Digital consumer bank Chime has finally taken a significant step towards its initial public offering (IPO) by submitting its S-1 paperwork on Tuesday. This move comes after the company had reportedly filed confidential S-1 paperwork in December.

The S-1 filing typically provides comprehensive information about a company’s financials, legal matters, and risk factors. However, Chime’s S-1 documents still contain a significant amount of redacted information. The number of shares the company plans to sell and the intended price remain undisclosed. According to IPO specialist Renaissance Capital, Chime may be aiming to raise $1 billion through the IPO.

Additionally, the S-1 filing does not reveal the number of shares that insiders, including major backers, plan to sell as part of the IPO. Notable investors in Chime include DST Global, led by billionaire Yuri Milner, Crosslink Capital, founded by Michael Stark, and Access Industries, owned by billionaire Len Blavatnik, as well as venture capital firms General Atlantic, Menlo Ventures, the Sino French Innovation Fund, and Iconiq, as stated in the paperwork.

As a private company, Chime raised a total of $2.65 billion, including its last funding round in 2021, which valued the company at $25 billion, according to estimates by PitchBook. Consequently, its cap table includes numerous venture capital firms, which may also reap significant benefits from the IPO. For instance, Forerunner Ventures, led by Kirsten Green, and Homebrew, co-founded by Hunter Walk, both have Chime as a portfolio company.

One indication of the company’s confidence in the IPO’s success is its engagement of a team of prominent investment bankers, including Morgan Stanley, Goldman Sachs, and JP Morgan.

The financial data presented in the S-1 filing suggests that investors have reason to be optimistic. Chime reported $1.67 billion in revenue and $25 million in losses for 2024, compared to $1.3 billion in revenue and $203 million in losses in 2023. The company’s revenue for the first quarter of 2025 was $519 million, putting it on track to reach $2 billion in revenue for the year and potentially achieving near profitability, based on Silicon Valley math.

Chime offers a range of consumer financial services, including checking, savings, debit, and credit cards, and claims to have 8.6 million active users.

An interesting disclosure in the paperwork reveals that Cynthia Marshall, a Chime board member, served as the CEO of the Dallas Mavericks from 2018 to December 2024. During this period, Chime became a sponsor of the team, paying approximately $33 million over three years (2022-2024) to have its logo featured on the team’s jersey, among other marketing benefits. Without this deal, the company might have already achieved profitability.