Chris Britt, Chime’s cofounder and CEO, owns the largest stake in the fintech and will have 39% of total voting power after the IPO is completed, according to the SEC filing. Ryan King, also a cofounder and Chime board member, will have about 35.5% of voting power. Neither is selling shares.
Investors DST Global, which led Chime’s $200 million round in 2019, will have 5.4% total voting power after the offering is completed, while Crosslink Capital will own 3% and General Atlantic will have 2%. They are also not selling shares.
Among the sellers is VC firm Cathay Innovation, which is offloading the biggest chunk of stock, 3.75 million shares, and will have a 1.2% voting stake after the IPO. Cathay could make as much as $97.5 million. The regulatory filing also lists Jay McGraw, who is the TV producer son of Dr. Phil McGraw or “Dr. Phil.” McGraw is selling 350,000 shares and at $26, he could reap $9.1 million. McGraw could not immediately be reached for comment.
