Reddit IPO! Can this oddball social network be a great public company? I'm on the sidelines for now. It's unclear if they can (1) grow their user base; (2) build an ad platform to monetize them and (3) the scale of the opportunity to sell data to LLMs.

RT @simrangsuri: 1/ At @Maveron, we're looking to invest in a returns retailer that builds its own brand — one that attracts & retains cust….

@SoFi @nubank 11/ Full 7-min breakdown—flywheel economics, risk matrix, valuation table—live on Substack 👉 Would you buy this IPO at 6× sales?. #Fintech #IPO #Banking #VC @Visa @PackyM @fintechjunkie.

@SoFi @nubank 10/ 3 things I’ll track post-IPO:.✔️ Durbin exemption odds (policy risk).✔️ Product expansion—loans, investing, mortgages?.✔️ Cohort quality as paid marketing ramps back up.

9/ Valuation math (at a rumored $10 B):.• 5.9× ’24 revenue.• 25–30× run-rate EBITDA (once margins scale).• DCF range peers like @SoFi (~6× rev) and @Nubank (~5×) support it if growth & margins hold.

8/ Missing in the S-1: detailed cohort churn. We know net dollar retention is ~104 %, but are 2023 sign-ups as sticky as 2019 power users? Chime doesn’t say. Watch for questions on the roadshow.

7/ Growth is getting cheaper: >50 % of 2024 new actives came via member referrals/organic. CAC ≈ $109; payback < 24 mo. That’s SaaS-like for consumer fintech.

6/ Product flywheel:.1️⃣ Spending Account (early pay).2️⃣ Savings (4 % APY).3️⃣ SpotMe (fee-free overdraft).4️⃣ Credit Builder (secured card).5️⃣ MyPay (earned-wage access).Avg user adopts 3.3 products; heavy users (6+) generate 1.8× revenue and 1.6× more referrals.

5/ That exemption is a cheat code…and a risk. One rule change or a partner bank crossing $10 B assets, and Chime’s main revenue pipe shrinks fast. Management calls this out in Risk Factor #1. Keep an eye on DC.

4/ The wrinkle: Chime isn’t a bank. It partners with sub-$10 B banks like Bancorp & Stride. That keeps its cards exempt from the Durbin cap → they earn ~44¢ per swipe vs 21¢ for the big guys. 88 % gross margin FTW.

3/ How does a fee-free bank print those numbers? Swipe fees. ~80 % of Chime’s revenue comes from debit card interchange. Users average 54 swipes/month, 70 % on everyday essentials—sticky, repeat behavior.

2/ Key numbers first:.• 20 M+ sign-ups.• 8.6 M active users (Q1’25).• $1.7 B 2024 revenue (+30 % YoY).• First quarterly profit ever: $12.9 M in Q1’25.

1/ Back in college, a single $35 overdraft fee could ruin my week. Today that pain fuels a $10 B IPO dream: @Chime just filed its S-1. Here’s the teardown investors need 🧵👇.

RT @simrangsuri: 1/ @jstoffer and I are excited to share the final installment of our AI Unleashed series, covering @Maveron’s Power Redist….

We've been thinking a lot about the relationship between labor and capital. In the white collar world, capital has clearly gained leverage as a result of AI. However, due to immigration and an aging workforce, it feels like the workers have the advantage in the trades and across.

RT @simrangsuri: 1/ this week, we’re unveiling AI’s take on our 2025 predictions for our Productivity focus area!

6/ It almost begs the question around whether the best entrepreneurs are still seeing around corners or if LLMs, with the right prompting, are going to become just as good at ideating as founders. I'm thinking about asking these models to predict 100 potential companies in the.

5/ It's uncanny how many companies are being started right now against the same ideas ChatGPT and Gemini are putting out there. For example, IngredientAI has a seasoned team working on tying the latest R&D to product and supply chain development in supplements.

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