Chime Delays IPO, State of the Market

Chime IPO Delay

• Delayed from Q1 to H2 2022 "to focus on new products and features"

• Aug'21: raised $1.5bn at $25bn valuation

• Claimed $1bn+ 2021 Revenues

• High fraud - Hertz and Avis banned Chime

  • Acquiring banks hate neobank fraud because it is so high

  • No participation in Early Warning Services

  • Rise of Fraud as a service solutions



State of the Market

• Public fintech stocks have fallen 40% since Oct'21

• PYPL and SQ both down 60%+ from their high

• PYPL trading $117bn market cap, 4.7x 2021 revenue



Next Steps

• Stay private, break even or hit profitability