CHIME IPO: S1 BREAKDOWN

Summary from the TLDR Founders newsletter

Sometimes the most profitable customers are the ones everyone else calls "unprofitable." Chime built a $1.67 billion business serving the 70% of Americans making under $100K - customers traditional banks actively avoid. It isn't actually a bank - the company just handles the customer experience while partners deal with regulatory headaches. Users swipe 54 times monthly because Chime doesn't charge overdraft fees. The model works: it earns money on every swipe without owning the banking infrastructure.