Chime's CFO Steps Down as Revenue Surges 27%

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Chime's CFO exits as fintech raises its growth outlook

Big leadership change, even bigger financial momentum. Chime is heading into the second half of the year with a new finance leader at the helm, at least temporarily. The fintech announced that CFO Matt Newcomb will step down after a decade with the company, while also reporting another quarter of strong growth that prompted management to raise its full-year guidance.

The timing is notable. Leadership transitions often create uncertainty, but Chime paired the announcement with solid earnings that reinforced investor confidence in the business.

A decade-long chapter comes to an end

Matt Newcomb's departure closes a 10-year run during which he helped shape Chime's financial strategy through multiple stages of growth. His tenure included several private fundraising rounds and culminated in the company's successful IPO last year.

CEO Chris Britt praised Newcomb's contribution, highlighting that his influence extended far beyond finance.

While stepping away from the CFO role, Newcomb will remain involved as an advisor during the transition period, helping ensure continuity while the company searches for a permanent successor.

Mark Troughton steps in

Taking over on an interim basis is Chime President Mark Troughton, one of the company's most experienced executives.

Troughton will continue overseeing operations, lending, risk, corporate development and strategy while also assuming responsibility for the finance organization. According to Britt, his deep understanding of Chime's business and financial operations makes him well positioned to guide the company through the leadership transition.

The search for a permanent CFO is already underway.

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Growth story remains intact

While the executive change grabbed headlines, the earnings report told an equally compelling story.

Chime reported $670 million in second-quarter revenue, representing 27% year-over-year growth. Active members climbed 20% to 10.4 million, underscoring the continued expansion of the platform despite an increasingly competitive digital banking landscape.

The company also added 1.7 million net new active members over the last 12 months, marking the strongest rolling annual member growth in its history. During the second quarter alone, Chime added roughly 200,000 net new active members.

Even more encouraging was the increase in customer value. Average revenue per active member rose 6% year over year, suggesting that existing users are engaging more deeply with Chime's expanding suite of products.

Chime Prime starts paying off

One of the biggest drivers behind the quarter was the growing adoption of Chime Prime, the company's premium membership offering.

Management said stronger uptake of the subscription tier helped accelerate purchase volume, which in turn boosted payments revenue.

Payments revenue increased 17% year over year to $430 million, while platform-related revenue surged 48% to $240 million, demonstrating that growth is coming from multiple parts of the business rather than a single revenue stream.

The early traction of Prime is particularly significant because premium offerings typically improve customer retention while creating additional monetization opportunities beyond interchange revenue.

Outlook gets an upgrade

Confidence in the business was reflected in Chime's updated guidance.

The company now expects full-year revenue growth of 25% to 26%, implying annual revenue of up to $2.745 billion.

Adjusted EBITDA is projected to land between $465 million and $475 million for the full year.

Looking ahead to the third quarter, Chime expects:

• Revenue between $680 million and $690 million

• Adjusted EBITDA between $105 million and $110 million

The upgraded outlook signals that management expects current momentum to continue through the remainder of the year.

Why it matters

Leadership changes at fast-growing fintechs often attract attention, particularly when they involve long-serving executives who have helped steer the company through major milestones like an IPO.

However, Chime's latest results help shift the narrative from uncertainty to execution.

The company is demonstrating that it can continue growing its customer base while increasing revenue per user and expanding newer products like Chime Prime. At the same time, appointing an experienced insider as interim CFO provides stability during the executive search.

For investors and the broader fintech industry, the message is clear: despite a significant change in the finance team, Chime's operating momentum remains firmly intact, and management is confident enough to raise expectations for the rest of the year.