Chime lands Nasdaq IPO, securing $11.6bn valuation

Chime, a San Francisco fintech, raised $864 million through its Nasdaq initial public offering, a valuing the firm at $11.6 billion.

The Nasdaq listing signals a high-profile boost to Wall Street's IPO scene, which has struggled of late. In particular, its a potential boost to other consumer-facing fintechs eying a float onto the public markets.

Chime was well positioned, giving its popularity in among American consumers.

The app offers fee-free banking services, targeting customers who have traditionally been underserved by major banks. It has amassed nearly 9 million users, supported by innovative services like early wage access and credit-builder cards.