From a startup facing rejections to a $25 billion IPO: The story of Chime at TechCrunch Disrupt 2025

Chime is one of the most prominent FinTech examples in the US: a branchless company that has built a next-generation digital bank for millions of users. Today, Chime serves over 20 million customers, offering early direct deposit, penalty-free credit solutions, and proving that financial services can be accessible and human-centric.

This article analyzes how Chime grew from a startup into a FinTech market leader, maintained its innovation culture after its IPO, and what young companies aiming to scale in uncertain times can learn from its journey.

Chris Britt, Founder and CEO of Chime, LinkedIn

On the Beginning of the Journey

When I founded Chime in 2012, the banking market was tailored for wealthy clients. Meanwhile, those living paycheck to paycheck were effectively paying banks to access their own money. We wanted to change this—making banking services fair and accessible to everyone.

But in the beginning, no one understood us. When I went to venture capitalists and said that “banking is broken for people earning $40,000–$50,000 a year,” it didn’t resonate with people who had personal bankers. They were more accustomed to something like “press a button, and a black car arrives within five minutes.” Therefore, early on, we received dozens of rejections.

Nevertheless, we believed in the idea. We were confident that we could build a business that would genuinely help millions of Americans. At one point, when we were nearly out of money, we were literally saved by Lauren Colodny from Aspect Ventures, now Acrew Capital. She believed in us when many considered us “toxic” because we were forced to do an extension round. This moment became a turning point—and proved that optimism and belief in the product are more important than any temporary difficulties.

Between Series B and C rounds, we proved that we could not only grow but do so sustainably. We exceeded all our forecasts for user growth and unit economics. At that point, you no longer had to “squint” to see that the business was working—it was obvious. In 2019, we conducted a Series C round with a valuation of around $500 million, and from that moment on, investors began to take us seriously.

Our business model was initially incomprehensible to skeptics: we earned not from lending but from payments. We showed that it is possible to build a scalable, profitable, and sustainable system without a high proportion of loans. Today, we are in the top 5 by transaction volume for debit cards in the US. At the same time, our margins are closer to those of SaaS companies because Chime itself is not a bank—we are a banking partner that holds customer deposits. Customer funds are insured by the FDIC, and we are responsible for a convenient and understandable user experience.

On Company Growth

The COVID-19 pandemic was both a test and an opportunity for us. The world was suffering, but Chime showed that we truly cared about people. We were the first to offer early access to stimulus payments, which generated a huge response and even coverage in The New York Times. Many clients received unemployment benefits and government assistance directly into their Chime accounts. We grew rapidly because we gave people not just convenience, but the ability to survive financially.

Our model is resilient: 70% of our users’ expenses are for basic needs like rent and groceries, not entertainment. Therefore, even during a crisis, we do not slump. We do not charge fees, do not penalize for overdrafts, and do not push unnecessary services—that is exactly why people trust us.

In 2021, when the FinTech market was at its peak, our valuation soared to $25 billion, and we began preparing for an IPO. We seriously considered going public in 2022, but rising interest rates, the war in Ukraine, and market declines changed everything. Today, I am convinced that not going public then was a huge blessing. We simply were not internally ready: we lacked maturity in processes, compliance systems, and auditing. Instead, we raised a large round in advance, and this capital was enough to calmly weather the storm.

By the time we actually became a public company—in June 2025—Chime was already a mature business. We have a strong team, a healthy culture, and a clear mission—to help people whom traditional banks have exploited for years. This makes us resilient even in difficult times.

Today, Chime is the #1 brand in online banking in the US according to Time and J.D. Power. We have surpassed Chase and Wells Fargo in customer trust, and I am proud that we are building a generational company—one that will endure for a long time.

Of course, being a public company is more difficult. It involves constant reporting, discipline, and stress. But I consider this beneficial—publicity creates a healthy culture of accountability. Every quarter we confirm our results, keep our promises, and meet our goals.

Many are interested in why others, like Revolut, remain private. I believe that is their choice. Being a public company is not for everyone. But for us, it was a natural step: we want to be transparent, play the long game, have public liquidity, and have the ability for M&A.

Advice for Founders in the AI Era

The most important thing is the team. No single person can build a company alone. It is crucial to assemble strong leaders who share your culture and values.

Secondly, investors. You need partners who believe in your mission and do not panic at the first setback. For example, we had a technical failure in 2019, and I feared that investors would pull out. But they stayed because they knew: this was not a systemic problem, but an operational error.

Investors and companies are adults. The market always moves in waves: today it is overheated, tomorrow it will cool down. It is important that your partners do not chase hype but build long-term relationships with you. Yes, some will lose out in the current “AI boom,” but someone else will become the next Chime. That is the game.

The main thing is to keep your promises. If you promised investors to achieve certain goals—do it. We have always acted this way. And although in the early years no one considered us a “star investment,” today we are a public company with millions of customers and a strong brand.

We are building Chime for decades to come. And I am confident that if we continue to act on the same principles—keeping promises, maintaining discipline, and focusing on people—everything will work out.