Monetary know-how firm Chime on Tuesday filed paperwork to go public on the Nasdaq. The corporate intends to file beneath the ticker image “CHYM.”

“Chime is a know-how firm, not a financial institution,” the corporate mentioned in its prospectus, noting it is not a member of the U.S. Federal Deposit Insurance coverage Corp. Nonetheless, the corporate cited Financial institution of America, Capital One, Citibank, JPMorgan Chase, PNC Financial institution and Wells Fargo as rivals.

Most of Chime’s new members who prepare for direct deposit beforehand did direct deposit elsewhere, “mostly with massive incumbent banks,” the corporate mentioned.

Based on the submitting, Chime picks up income from interchange charges related to purchases that members make with Chime debit playing cards and bank cards. Banks acquire interchange charges, that are usually a share of the transaction worth, plus a set quantity for every transaction relying on the charges decided by card networks corresponding to Visa. The banks then move cash on to Chime.

Within the March quarter, Chime generated $12.4 million in web revenue on $518.7 million in income. Income grew 32%. On the finish of March, Chime had 8.6 million energetic members, up about 23% 12 months over 12 months. Common income per energetic member, at $251, was up from $231. It has members in all 50 states — it does not function outdoors the U.S. — and 55% of them feminine. The common member age is 36.

Round two-thirds of members look to Chime for his or her “major monetary relationship,” Chime mentioned. The time period refers to those that made at the very least 15 purchases utilizing its card or acquired a qualifying direct deposit of at the very least $200 prior to now calendar month. Members can use over 45,000 ATMs with out paying charges, which Chime says is a bigger community then the highest U.S. banks mixed.

Chime provides a slew of different companies along with its playing cards, together with high-yield financial savings accounts, free tax submitting and the flexibility to entry as a lot as $500 of earned pay earlier than payday freed from cost in 24 hours or immediately for $2.

Eligible members with direct deposit can borrow as much as $500 with a hard and fast rate of interest of $5 for each $100 borrowed. The corporate does not cost late charges or compound curiosity. Chime’s SpotMe lets eligible members overdraft as much as $200 with out charges, and SpotMe Boosts enable eligible members to quickly push up overdraft limits of different members by as much as $20 every month, freed from cost.

“Since we launched SpotMe in 2019, overdraft payment income industry-wide has decreased,” Chime mentioned.

Following an prolonged drought, IPOs seemed poised for a rebound when President Donald Trump returned to the White Home in January. CoreWeave’s March debut offered some momentum. However Trump’s tariff announcement in April roiled the market and led corporations together with Chime in addition to buying and selling platform eToro, on-line lender Klarna and ticket market StubHub to delay their plans.

EToro is now scheduled to debut this week, and digital well being firm Hinge Well being issued its pricing vary for its IPO on Tuesday, with an anticipated providing coming quickly. Chime’s public submitting is the most recent signal that rising tech corporations are getting ready to check the market’s urge for food for danger. Final month design software program startup Figma mentioned it had filed confidentially for an preliminary public providing.

Chris Britt, Chime’s co-founder and CEO, informed CNBC in 2020 that it can be prepared for an IPO inside the subsequent 12 months. However in late 2021 markets turned unfavourable on know-how as inflation picked up, prompting central bankers to ratchet up rates of interest.

Chime was based in 2012 and relies in San Francisco, with 1,465 staff. It ranked twenty second on CNBC’s 2024 Disruptor 50 listing of privately held corporations.

Traders embody Crosslink Capital, DST World, Common Atlantic, Iconic Strategic Companions and Menlo Ventures.

— CNBC’s Ari Levy contributed to this report.

WATCH: We do not depend on charges, as an alternative we monetize transactions, says Chime CEO Chris Britt