Chime’s IPO is more like a secure base camp than a flag planted atop Everest. The IPO will renew VC interest in fintech—but the money won’t go to new neobanks.

Chime Financial Inc. jumped as much as 66% in its trading debut after raising $864 million in an initial public offering priced above the marketed range.

Chime opened on Nasdaq at $43 a share on Thursday, 59 per cent above its $27 IPO price, to give the group a fully diluted market capitalisation of about $17bn. The shares edged down to $40 in early-afternoon trade. About 32mn shares were sold, raising $864mn for the company.