Chime, the consumer fintech powerhouse, just filed to go public on the NYSE. On this podcast we’ll cover everything you need to know before they hit Wall Street👇This is a fintech that: → Doesn’t take deposits → Doesn’t lend off its balance sheet → Still did $1.67B (+31%) in revenue last year, mostly from swipe feesIt’s built for the 70% of Americans who live paycheck to paycheck — and earns their trust (and interchange) by becoming the #1 card in their wallet.But here’s the tradeoff:

✅ 88% gross margin ✅ 54 transactions per member per month ⚠️ MyPay credit losses nearly wiped out its new revenue stream ⚠️ Margins are getting squeezed (transaction margin dropped from 79% to 67% YoY)The IPO math? 📉 Valuation whispers = $8B–$9B (down from their $25B Series G, 2021) 📈 Forward revenue multiple = ~4x–5x 💡 Which makes Chime one of the most interesting public fintech comps in years.I unpack the full story — swipe economics, platform risk, and all — in this S-1 breakdown on Mostly Metrics.

https://www.mostlymetrics.com/p/chime-ipo-s1-breakdown

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit cjgustafson.substack.com