Chime's $11 billion IPO, or a dramatic comedown from FinTech's peak valuations 🫧📉; Starling Bank becomes first UK digital bank to deploy AI-powered spending analytics 💸🤖

FinTech is Eating the World, 11 June

Hey Everyone,

Good morning & happy Wednesday! Today, all eyes are on the challenger banking giants across both sides of the pond 🌊 We’re going to look into Chime, whose $11 billion IPO signals a dramatic comedown from FinTech's peak valuations (what it’s all about, who are the biggest winners & loosers in the IPO + bonus deep dive into Chime’s S-1 & Circle’s first performance as a public company), and Starling Bank that just became the first UK digital bank to deploy AI-powered spending analytics (why this is great & what can we expect next + bonus deep dive into Starling’s latest financials AND the ultimate beginners guide to AI). So let’s just jump straight into the amazing stuff 🌶️

Chime's $11 billion IPO, or a dramatic comedown from FinTech's peak valuations 🫧📉

Following the money 💸 American FinTech challenger Chime Financial is preparing to go public at a valuation that yet again represents a stark reality check for the FinTech industry.

The digital banking company plans to raise up to $832 million through an initial public offering that would value the firm at approximately $11 billion, less than half the $25 billion valuation it achieved during the 2021 funding frenzy. Ouch 🤕

Let’s take a look at this, understand why it matters, and what this means for the future of FinTech.