Chime, a banking app, reached a valuation of $12 billion upon debuting on Nasdaq, bolstered by its reported revenue of $1.3 billion in 2023 and a projection of $1.7 billion for 2024. The journey to this success was fraught with challenges, including a decade-old struggle for investment, culminating in 100 rejections from venture capitalists. Co-founder Ryan King emphasized the difficulty of securing funding initially. Chime's customer loyalty was highlighted by CEO Chris Britt, noting that a significant portion of their users rely on Chime as their primary banking account.
"We founded the company in 2012, and the first, really, five or six years was very difficult in terms of convincing investors to invest in the idea and the business."
"Two-thirds of our customer base use us as their direct deposit account and primary account relationship," Britt told CNBC.
"In the beginning of 2016, specifically, we were trying to raise an extension to our Series A and we pitched 100 investors, maybe more, and got 100 no's."
According to an SEC filing, Chime made $1.3 billion in revenue in 2023 and projected $1.7 billion in 2024.
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