StepStone Group invested $3 million in Chime Financial, buying 150,000 shares in the third quarter, representing 1.4% of its assets. Chime Financial’s stock price is currently at $26.19, slightly below its IPO price of $27 per share. The company focuses on fee-free banking services for lower-income U.S. consumers.

StepStone Group’s new position in Chime Financial is valued at $3 million, representing 1.4% of its assets. Chime Financial offers mobile-first banking services and generates revenue through interchange fees. The company targets U.S. consumers earning under $100,000 annually. Chime Financial’s stock price is currently at $26.19.

Chime Financial’s third-quarter results showed revenue growth of 29% and increased active members to 9.1 million. Gross margin held at 87%, with adjusted EBITDA turning positive at $29 million. StepStone Group’s investment in Chime Financial is a vote of confidence in the company’s growth potential and improving financials.

StepStone Group’s stake in Chime Financial is part of its broader portfolio, with top holdings in other companies like NYSE:STUB and NYSE:KRMN. Chime Financial’s revenue and user base growth are attracting institutional investors like StepStone Group. The company’s focus on fee-free banking services for lower-income consumers is seen as a positive sign for potential long-term success.

Read more at Yahoo Finance: What a $3 Million Bet on Chime Financial Stock Signals About the Fintech’s Post-IPO Outlook