ApeVue50 Index & Sectors YTD Performance

Most Active Names Performance

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ApeVue50 Privates versus Public Benchmarks/ETFs

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Public v. Private (12mo)

The ApeVue50 tracks the performance of the 50 most active private names observed in the secondary market. It is an equal-weighted index, rebalanced on a monthly basis.

This rebalancing of constituents over time gives way for more active names to participate in what we observe as "market performance," and in a more appropriate manner than static selections and weightings criteria.

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Stock Spotlight - Chime Bank

Sectors

Financial Banking Neobank

Headquarters

San Francisco, California, USA

CEO

Chris Britt

Chime is a financial technology company dedicated to transforming banking with its customer-first approach. They partner with national banks to offer straightforward, fee-free services, eliminating traditional banking fees like overdraft charges and monthly account fees. Chime's philosophy, "profit with our members, not from them," reflects their commitment to mutual financial progress.

The company has been in the news for extending its SpotMe feature to the Credit Builder card, allowing more users to benefit from fee-free overdraft up to $200. This enhancement is part of Chime's ongoing efforts to support financial health for its users. Additionally, Chime is preparing for a potential IPO, signaling its growth and stability in the fintech sector.

Latest News and Updates on Chime

Chime's Valuation Drop - Previously valued at $25 billion, Chime's valuation has significantly decreased, with recent trades suggesting values between $5.9 billion and $6.7 billion. Click here to read more.

Fee-Free Overdraft for Credit Builder - Chime extends its SpotMe feature to the Credit Builder card, offering fee-free overdraft protection up to $200 to aid users in credit building. Click here to read more.

Chime Plans 2025 IPO - Chime is preparing for an IPO in the U.S. in 2025, aiming to capitalize on its growth and the booming interest in digital banking. Click here to read more.

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Chime's Financial Data

Series G valuation is based on news.

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Chime 180D

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Chime 90D

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Chime 30D

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Series G Valuation

2021-08-06
$25B

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Implied Valuation

2024-04-15
$5.34B

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Change Since Last Round

2021-08-06 → 2024-04-15

-78.63%

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Funding Round in USD

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Bid:Ask Volume Ratio

The recent quarters show a shift in the trend, with more buying pressure on Chime's stock compared to sell pressure, in contrast to the previous trend of higher selling pressure. The significant increase in Chime's total bid and ask volume from $61 million in Q1 of 2024 to $101 million in just 15 days in April 2024 further supports the notion of increased demand for the company's stock.

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Bid:Ask Price Spread

The data from ApeVue indicates that the bid-ask spreads for Chime's stock were relatively low in the first three quarters of 2021 and Q4 of 2022.

However, the spread increased significantly to 37% in Q1 of 2024, which is close to the 40% spread observed in Q3 of 2023. This widening of the bid-ask spread points to potential changes in market conditions and investor sentiment surrounding Chime's stock.

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Activity Trend

ApeVue observed fluctuations in Chime Bank activity levels since the beginning of 2021. The data suggests that there has been a notable increase in activity in April 2024 compared to the first quarter of the same year.

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Chime Bank and Private Comparables in the Neobank Sector

ApeVue highlights 9 active private companies within Neobank sector as of April 15, 2024.

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Activity

The plot below shows 90-day activity based on institutional level ($1M+) broker contributions as of April 15, 2024. Within the neobank sector, Revolut has the highest activity with 54 contributions. Chime Bank is moderately active with 6 contributions.

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Change in Activity

The plot below displays change in average activity from the last 180-day window (October 19, 2023, to April 15, 2023) to the last 30-day window (March 17, 2024, to April 15, 2024). Average activity has increased for all companies except for Upgrade and Ramp. Revolut has the highest increase in average activity from 22 to 50. Chime Bank's average activity increased from 4 to 5.

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Change in ApeVue Valuation Since Last Funding Round

ApeVue's implied valuation is computed on April 15, 2024, and compared to each company's latest funding round valuation and ApeVue's implied valuation at the end of 2023.

Ramp's valuation has increased by 16% from its August 2023 Series D valuation of $5.8B to $6.73B, which is ApeVue's current implied valuation. Chime Bank's current implied valuation is $5.34B, a 79% decrease from its Series G valuation of $25B in August 2021. ApeVue's implied valuation for Ramp has also increased since the start of 2024.

The year-to-date change in ApeVue's implied valuation shows a 28% increase for Ramp and a 10% decrease for Chime Bank.

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Change in Composite Price

The plot below illustrates the change in composite price between March 16, 2024, and April 15, 2024. Ramp has the highest increase at 12%, closely followed by Chime Bank at 11%, whereas Upgrade has the most significant decrease at 39%.

Volatility of Composite Price

Volatility of the composite price ie calculated as movement over previous 90 days. Chime Bank's composite price is the most volatile among its comparables.

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90D Bid and Ask Volume Ratio

The plot below shows the bid and ask volume ratio between January 17, 2024, and April 15, 2024. Chime Bank has the highest bid-side volume at 54%. Conversely, Brex demonstrates a strong selling interest in the market, with 98% of its volume on the sell side.

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