Chime, the financial technology firm co-founded by Ryan King and Chris Britt had a very hard road. Now, it’s poised to take its first public step with an initial public offering (IPO). After almost collapsing in 2016 and facing rejection from numerous venture capitalists, the company finally went public, achieving a starting market capitalization of approximately $9.8 billion. King, a board member and principal shareholder, watched as the company’s shares skyrocketed to $27. That was above the original range of $24 to $26 and contributed to taking the IPO to a total of $864 million raised.

Founded in 2012, Chime’s early start-up years were stacked against them. And securing investor confidence was no walk in the park either, as Associate Ryan King remembers all the rejection letters well.

I get 50 no’s in a week - Ryan King

The company’s fortunes turned when Lauren Kolodny, then a partner at Aspect Ventures, extended them a lifeline with an additional $9 million. She did this at a remarkable cost of only 26 cents per share. That key injection raised Chime’s total funding to $21 million and gave a necessary lifeline to the cash-strapped firm.

She really took a bet on Chris and I, and believed in our passion and zeal and sort of attitude - Ryan King

Even after achieving this critical milestone, Chime still had an uphill battle. In 2021, the company went to war with regulators who challenged its right to call itself a “bank.” 2022 saw Chime announce its first layoffs, cutting its staff by 12%.

Through all that turbulence, Chime proved itself to be recession-proof and scale-proof. By the time of its IPO, King and Britt had raised about $2.65 billion as a private company. The company has since turned around its financial performance, with revenue growing to $1.3 billion in 2023 and $1.7 billion in 2024, according to the company’s estimates. At the same time, losses dropped dramatically, from $203 million in 2023 to $25 million in 2024.

Chime hit profitability in Q1 2025. Better than expected, this company realized net income of a staggering $13 million, led by $519 million in top line revenue. This stunning financial turnaround cleared the path for its successful IPO, a massive culmination achievement for the company.