Dive Brief:
- Chime CFO Matt Newcomb is stepping down, effective Friday, the fintech announced Wednesday.
- Mark Troughton, Chime’s president, will serve as interim CFO, in addition to his regular duties as the fintech searches for its next permanent finance chief, the company said.
- Chime also announced its second-quarter earnings Wednesday, highlighting a 27% year-over-year jump in revenue, to $670 million, and a 20% increase in active members, to 10.4 million, compared with June 2025.
Dive Insight:
Newcomb’s departure ends a 10-year stint at Chime during which the CFO drove the company’s financial and investment strategy and scaled its business amid several private financing rounds and last year’s initial public offering, CEO Chris Britt said Wednesday.
“His impact on Chime extended well beyond his role as CFO and, while we will all miss Matt, he has earned a well-deserved break,” Britt said Wednesday.
Troughton, meanwhile, will add interim CFO duties to his purview, which already includes oversight of operations, risk, lending, corporate development and strategy.
Britt called Troughton “one of Chime’s most seasoned executives with deep knowledge of our business and financials.”
“Having worked alongside Mark for more than 20 years, I know he has the experience to lead our finance team through this transition to a new CFO,” Britt said.
Newcomb will serve as an adviser to Chime during its executive search and transition period, the company said.
The fintech’s second-quarter performance prompted the company to adjust its full-year guidance upward. Chime now expects revenue growth between 25% and 26% year over year, maxing out around $2.745 billion. The company also projects adjusted earnings before interest, taxes, depreciation and amortization between $465 million and $475 million.
That works out to a projected $680 million to $690 million in revenue and adjusted EBITDA of $105 million to $110 million for the year’s third quarter, Chime said.
Britt touted “strong adoption” of Chime Prime, the fintech’s new top membership tier, among the reasoning for the company’s results.
The Prime tier “contributed to an acceleration in Purchase Volume growth and, in turn, payments revenue growth,” Chime said Wednesday, noting 17% year-over-year growth in payments revenue – to $430 million.
Platform-related revenue grew 48% year over year to $240 million, Chime said.
Meanwhile, Chime added 1.7 million net new active members over the past year – a record for any consecutive 12-month span, the fintech said. That breaks down to roughly 200,000 net new active members in the second quarter alone. Average revenue per active member saw a 6% year-over-year increase, Chime said.
