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DeepNewz, mobile.
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Chime, America's largest digital bank, led by CEO Chris Britt, is actively expanding its market presence. The company, which currently serves 7 million customers, reported a revenue of $1.5 billion and a gross profit of $1 billion in 2023, marking a 30% year-over-year increase. Chime's financial strategy includes the introduction of personal loans and plans to add ETFs to its offerings. Despite facing numerous challenges and a net loss in 2023, Chime is teetering on profitability with a balance sheet of $900 million. The company, valued at approximately $8 billion, down from a previous $25 billion, is eyeing a potential IPO in 2025.
Another reason VC investing is self serving. $SOFI has MUCH better numbers and is valued at is 2X in revenue, growing faster than Chime, but Chime is valued at $8B in private markets @Chime $1.5B revenue, ⬆️ 30% YoY, teetering profitability 7M customers $900M balance sheet…
Some pretty compelling data from US neobank @Chime this week, which had $1B of gross profit in 2023 off of $1.3B in revenue, from 7M customers. The whole story is interesting; the company very nearly hit a wall many times, and course-corrected: https://t.co/ZrelQAmeAZ https://t.co/iB8laIit12
Chime data! $1.5B revenue, ⬆️ 30% YoY, teetering profitability 7M customers $900M balance sheet Adding personal loans and will add ETF’s currently worth ~$8B, last round at $25B 2025 IPO likely! Great story- it was not a straight line up, lots of challenges along the way 👇🏾 https://t.co/K6dGEkfGw6
