Chime CFO departs as revenue jumps 27% in second quarter

Matt Newcomb has stepped down from his role as Chief Financial Officer at Chime following a decade with the financial technology firm. The company confirmed that Mark Troughton, currently serving as president, will assume interim responsibilities for finance while an executive search is conducted to identify a permanent successor.

CEO Chris Britt stated on Wednesday that Newcomb’s tenure was instrumental in scaling the business through various private financing rounds and its initial public offering last year. His departure concludes ten years of leadership where he drove financial strategy and investment decisions. Despite his exit, Newcomb will remain with Chime as an adviser during the transition period to ensure stability.

Troughton has been described by Britt as one of the company’s most seasoned executives, possessing deep knowledge of its operations and finances. Having worked alongside Troughton for over twenty years, Britt expressed confidence in his ability to lead the finance team through this change. In addition to his interim CFO duties, Troughton will continue overseeing risk management, lending, corporate development, strategy, and daily operations.

The announcement coincides with strong financial results reported by Chime for its second quarter. Revenue increased by 27% year over year compared to the same period last year. Consequently, the company adjusted its full-year guidance upward, now projecting revenue growth between 25% and 26%. Total annual revenue is expected to reach approximately $2.745 billion.

Adjusted earnings before interest, taxes, depreciation and amortization are forecasted to fall between $465 million and $475 million for the full year. This outlook translates to a projected third quarter performance of roughly $680 million in revenue alongside adjusted EBITDA ranging from $105 million to $110 million.

Strong adoption of Chime Prime, the firm’s top membership tier, was cited as a key driver behind these results. The new tier contributed significantly to purchase volume growth and payments revenue, which rose 17% year over year to reach $430 million. Platform-related revenue also expanded by 48% annually.

Chime added 1.7 million net new active members in the past twelve months, setting a record for any consecutive period. Approximately 200,000 of these new members joined during the second quarter alone. Average revenue per active member saw a six percent increase year over year as well.