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MARKETABLE SECURITIES - Amortized Costs, Unrealized Gain and Loss (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-Sale [Line Items]
Cost or Amortized Cost	$ 632,723	$ 368,119
Unrealized Gains	1,024	780
Unrealized Losses	(9)	(10)
Total Estimated Fair Value	633,738	368,889
U.S. government securities
Debt Securities, Available-for-Sale [Line Items]
Cost or Amortized Cost	620,142	351,930
Unrealized Gains	1,012	707
Unrealized Losses	(9)	(10)
Total Estimated Fair Value	621,145	352,627
U.S. agency securities
Debt Securities, Available-for-Sale [Line Items]
Cost or Amortized Cost	12,581	16,189
Unrealized Gains	12	73
Unrealized Losses	0	0
Total Estimated Fair Value	$ 12,593	$ 16,262

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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+ Details

SIGNIFICANT BALANCE SHEET COMPONENTS

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SIGNIFICANT BALANCE SHEET COMPONENTS

Other Assets

Other assets consisted of the following:


	September 30, 2025		December 31, 2024
Goodwill	$	27,492	$	27,492
Other assets	3,790		4,477
Total other assets	$	31,282	$	31,969

Accrued and Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Accrued expenses	$	78,404	$	100,486
Accrued bonus	42,678		53,344
Current portion of lease liability	11,922		15,746
Accrued transaction dispute losses(i)	10,911		7,759
Network incentive obligation	12,522		27,147
Other current liabilities	25,150		20,112
Total accrued and other current liabilities	$	181,587	$	224,594

_________________

(1)The reconciliation of the beginning and ending accrued transaction dispute losses is as follows:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2025		2024		2025		2024
Accrued transaction dispute losses, beginning of the period		$	9,919	$	6,465	$	7,759	$	4,385
Provision for transaction dispute losses		17,003		11,331		48,048		35,456
Realized losses		(16,011)		(12,494)		(44,896)		(34,539)
Accrued transaction dispute losses, end of the period		$	10,911	$	5,302	$	10,911	$	5,302

Other Non-Current Liabilities

Other non-current liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Network incentive obligation, net of current portion	$	34,435	$	43,826
Other non-current liabilities	2,846		2,283
Total other non-current liabilities	$	37,281	$	46,109

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 445,026	$ 337,697
Restricted cash	13,676	12,303
Marketable securities	633,738	368,889
Product collateral	228,955	181,723
Accounts receivable, net	237,652	216,161
Loans held for investment, net	108,996	99,799
Prepaid expenses and other current assets	90,854	70,464
Total current assets	1,758,897	1,287,036
Property, equipment, and software, net	86,480	92,700
Operating lease right of use assets, net	85,652	49,332
Other assets	31,282	31,969
Total assets	1,962,311	1,461,037
Current liabilities:
Accounts payable	40,026	35,846
Accrued and other current liabilities	181,587	224,594
Product obligation	134,302	114,377
Total current liabilities	355,915	374,817
Operating lease liabilities, net of current portion	125,841	80,590
Other non-current liabilities	37,281	46,109
Total liabilities	519,037	501,516
Commitments and contingencies (Note 16)
Redeemable convertible preferred stock, $0.0001 par value: No shares authorized, issued, and outstanding as of September 30, 2025. 258,613,394 shares authorized and 258,464,156 shares issued and outstanding with a liquidation preference of $2,894,515 as of December 31, 2024.	0	2,890,121
Stockholders’ equity (deficit):
Preferred stock, $0.0001 par value: 100,000,000 shares authorized, no shares issued and outstanding as of September 30, 2025. No shares authorized, issued, and outstanding as of December 31, 2024.	0	0
Additional paid-in capital	4,772,649	433,363
Accumulated other comprehensive income (loss)	(79)	203
Accumulated deficit	(3,329,327)	(2,364,168)
Total stockholders’ equity (deficit)	1,443,274	(1,930,600)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	1,962,311	1,461,037
Common Stock
Stockholders’ equity (deficit):
Common stock, issued	0	2
Common Class A
Stockholders’ equity (deficit):
Common stock, issued	28	0
Common Class B
Stockholders’ equity (deficit):
Common stock, issued	3	0
Common Class C
Stockholders’ equity (deficit):
Common stock, issued	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES - Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2025	$ 4,984
2026	15,741
2027	21,005
2028	20,545
2029	20,936
2030	21,337
Thereafter	73,063
Total lease payments	177,611
Less: imputed interest	39,848
Total operating lease liabilities	$ 137,763

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Lessee, Lease, Description [Line Items]
Rent expense		$ 3.7	$ 2.8	$ 9.1	$ 8.1
Lease term	11 years 2 months
Rent abatement period	14 months
First Six Years
Lessee, Lease, Description [Line Items]
Base rent payments	$ 7.5
Remainder of the Term
Lessee, Lease, Description [Line Items]
Base rent payments	$ 8.2

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Loss before income taxes	$ (54,442)	$ (19,827)	$ (964,374)	$ (3,823)
Provision for income taxes	$ 280	$ 2,199	$ 785	$ 1,915
Effective tax rate	(0.50%)	(11.10%)	(0.10%)	(50.10%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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LOANS HELD FOR INVESTMENT, NET - Credit Quality Information (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 188,279	$ 130,448
1 - 30
Financing Receivable, Credit Quality Indicator [Line Items]
Total	101,542	98,452
31 - 60
Financing Receivable, Credit Quality Indicator [Line Items]
Total	10,481	10,451
61 - 90
Financing Receivable, Credit Quality Indicator [Line Items]
Total	9,085	7,697
91 - 120
Financing Receivable, Credit Quality Indicator [Line Items]
Total	9,239	5,705
Greater than 120
Financing Receivable, Credit Quality Indicator [Line Items]
Total	$ 57,932	$ 8,143

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Statement [Abstract]
Revenue	$ 543,519	$ 421,871	$ 1,590,412	$ 1,198,057
Cost of revenue	69,401	53,516	196,939	151,467
Gross profit	474,118	368,355	1,393,473	1,046,590
Operating expenses:
Transaction and risk losses	97,053	55,159	304,445	126,197
Member support and operations	83,658	70,054	365,364	207,943
Sales and marketing	153,608	143,123	471,187	378,191
Technology and development	123,942	80,400	823,578	230,701
General and administrative	76,575	46,645	403,415	127,535
Depreciation and amortization	3,992	3,618	11,695	11,076
Total operating expenses	538,828	398,999	2,379,684	1,081,643
Loss from operations	(64,710)	(30,644)	(986,211)	(35,053)
Other income, net	10,268	10,817	21,837	31,230
Loss before income taxes	(54,442)	(19,827)	(964,374)	(3,823)
Provision for income taxes	280	2,199	785	1,915
Net loss	$ (54,722)	$ (22,026)	$ (965,159)	$ (5,738)
Net loss per share attributable to common stockholders, basic (in usd per share)	$ (0.15)	$ (0.34)	$ (5.10)	$ (0.09)
Net loss per share attributable to common stockholders, diluted (in usd per share)	$ (0.15)	$ (0.34)	$ (5.10)	$ (0.09)
Weighted-average number of common shares outstanding used to compute net loss per share attributable to common stockholders, basic (in shares)	371,829,972	65,149,191	189,227,164	64,757,159
Weighted-average number of common shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in shares)	371,829,972	65,149,191	189,227,164	64,757,159

SIGNIFICANT BALANCE SHEET COMPONENTS -Schedule of Other Non-Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Network incentive obligation, net of current portion	$ 34,435	$ 43,826
Other non-current liabilities	2,846	2,283
Total other non-current liabilities	$ 37,281	$ 46,109

COMMITMENTS AND CONTINGENCIES - Schedule of Cash Flows Related to Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Operating cash flows:
Payments for operating lease liabilities	$ 4,972	$ 4,263	$ 14,782	$ 12,749

REVENUE (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation Revenue

The Company’s products and services are offered only to members within the United States. The following table provides information about the Company’s disaggregated revenue streams:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Payments revenue	$	363,156	$	312,250	$	1,104,569	$	937,525
Platform-related revenue (1)(2)	180,363		109,621		485,843		260,532
Total revenue	$	543,519	$	421,871	$	1,590,412	$	1,198,057

__________________

(1)In the three and nine months ended September 30, 2025, platform-related revenue included $103.7 million and $261.4 million that was not derived from contracts with customers. In the three and nine months ended September 30, 2024, platform-related revenue included $47.1 million and $74.5 million that was not derived from contracts with customers.

(2)In the three and nine months ended September 30, 2025, platform-related revenue included $88.4 million and $230.4 million related to MyPay receivables, which was comprised of $54.7 million and $141.8 million related to off-balance sheet MyPay receivables and $33.7 million and $88.6 million related to on-balance sheet MyPay receivables. In the three and nine months ended September 30, 2024, platform-

related revenue included $41.0 million and $57.2 million related to MyPay receivables, which was comprised of $23.8 million and $37.9 million related to off-balance sheet MyPay receivables and $17.2 million and $19.3 million related to on-balance sheet MyPay receivables.

Schedule of Deferred Revenue

The deferred revenue balances were as follows:


Balance as of December 31, 2024	$	4,064
Balance as of September 30, 2025	4,632
Increase in deferred revenue during the period	$	568

INDEBTEDNESS (Details) - Line of Credit - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Mar. 31, 2025	Dec. 31, 2024
Credit Facility
Line of Credit Facility [Line Items]
Floor rate	0.00%
Credit Facility \| Secured Overnight Financing Rate (SOFR) - Applicable Margin
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Credit Facility \| Effective Federal Funds Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Credit Facility \| Adjusted SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.00%
Credit Facility \| Second Adjusted SOFR
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.50%
Credit Facility \| Secured Overnight Financing Rate (SOFR) \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	1.25%
Credit Facility \| Base Rate \| Minimum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.50%
Credit Facility \| Base Rate \| Maximum
Line of Credit Facility [Line Items]
Basis spread on variable rate	0.25%
Revolving Credit Facility \| Prior Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 125.0
Debt outstanding			0.0
Revolving Credit Facility \| Credit Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity		$ 475.0
Debt outstanding	$ 0.0
Letter of Credit \| Prior Facility
Line of Credit Facility [Line Items]
Debt outstanding			20.1
Remaining borrowing capacity			$ 104.9
Letter of Credit \| Credit Facility
Line of Credit Facility [Line Items]
Debt outstanding	$ 31.4

STOCK-BASED COMPENSATION - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2024	Mar. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Performance stock options
Outstanding Stock Options
Beginning balance (in shares)		1,200,000	1,200,000
Granted (in shares)	1,200,000	400,000	0
Exercised (in shares)			0
Forfeited/Cancelled (in shares)		(800,000)	(800,000)
Ending balance (in shares)			400,000	1,200,000
Vested and expected to vest (in shares)			400,000
Exercisable (in shares)			158,332
Weighted average exercise price ($)
Beginning balance (in usd per share)		$ 17.35	$ 17.35
Granted (in usd per share)			0
Exercised (in usd per share)			0
Forfeited/Cancelled (in usd per share)			17.35
Ending balance (in usd per share)			17.35	$ 17.35
Vested and expected to vest (in usd per share)			17.35
Exercisable (in usd per share)			$ 17,350
Additional Disclosures [Abstract]
Weighted-average remaining contractual life, outstanding			8 years 5 months 26 days	9 years 2 months 26 days
Weighted-average remaining contractual life, vested and expected to vest			8 years 5 months 26 days
Weighted-average remaining contractual life, exercisable			8 years 5 months 26 days
Aggregate intrinsic value, outstanding			$ 1,128	$ 9,071
Aggregate intrinsic value, Vested and expected to vest			1,128
Aggregate intrinsic value, exercisable			$ 446
Service based stock options
Outstanding Stock Options
Beginning balance (in shares)		31,463,015	31,463,015
Granted (in shares)			2,466,800
Exercised (in shares)			(2,461,989)
Forfeited/Cancelled (in shares)			(45,043)
Ending balance (in shares)			31,422,783	31,463,015
Vested and expected to vest (in shares)			31,422,783
Exercisable (in shares)			25,060,137
Weighted average exercise price ($)
Beginning balance (in usd per share)		$ 6.87	$ 6.87
Granted (in usd per share)			27.90
Exercised (in usd per share)			4.41
Forfeited/Cancelled (in usd per share)			13.89
Ending balance (in usd per share)			8.70	$ 6.87
Vested and expected to vest (in usd per share)			8.70
Exercisable (in usd per share)			$ 5.69
Additional Disclosures [Abstract]
Weighted-average remaining contractual life, outstanding			5 years 1 month 2 days	5 years 5 months 1 day
Weighted-average remaining contractual life, vested and expected to vest			5 years 1 month 2 days
Weighted-average remaining contractual life, exercisable			4 years 2 months 12 days
Aggregate intrinsic value, outstanding			$ 380,692	$ 567,641
Aggregate intrinsic value, Vested and expected to vest			380,692
Aggregate intrinsic value, exercisable			$ 365,103

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Stock Option Activity

A summary of the Company’s service-based stock option activity for the nine months ended September 30, 2025 is as follows:


	Outstanding Stock Options	Weighted average exercise price ($)		Weighted-average remaining contractual life (years)	Aggregate intrinsic value
Balance as of December 31, 2024	31,463,015	$	6.87	5.42	$	567,641
Granted	2,466,800	27.90
Exercised	(2,461,989)	4.41
Forfeited/Cancelled	(45,043)	13.89

Balance as of September 30, 2025	31,422,783	$	8.70	5.09	$	380,692
Vested and expected to vest as of September 30, 2025	31,422,783	$	8.70	5.09	$	380,692
Exercisable as of September 30, 2025	25,060,137	$	5.69	4.20	$	365,103

The following table summarizes the performance stock option activity for the nine months ended September 30, 2025:


	Outstanding Stock Options	Weighted average exercise price ($)		Weighted-average remaining contractual life (years)	Aggregate intrinsic value
Balance as of December 31, 2024	1,200,000	$	17.35	9.24	$	9,071
Granted	—	—
Exercised	—	—
Forfeited/Cancelled	(800,000)	17.35

Balance as of September 30, 2025	400,000	$	17.35	8.49	$	1,128
Vested and expected to vest as of September 30, 2025	400,000	$	17.35	8.49	$	1,128
Exercisable as of September 30, 2025	158,332	$	17.35	8.49	$	446

Schedule of Service-Based and Performance-Based RSA Activity

A summary of the Company’s service-based RSA activity for the nine months ended September 30, 2025 is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2024	799,822	$	23.25
Granted	—	—
Vested	(199,952)	23.25
Forfeited/Cancelled	(38,806)	23.25
Balance as of September 30, 2025	561,064	$	23.25

A summary of the Company’s performance-based RSA activity for nine months ended September 30, 2025 is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2024	509,186	$	23.25
Granted	—	—
Vested	—	—
Forfeited/Cancelled	(26,061)	23.25
Balance as of September 30, 2025	483,125	$	23.25

Schedule of Service-based RSUs

A summary of the Company’s service-based RSUs activity is as follows:


	Number of Restricted Stock Units	Weighted-average grant date fair value per share
Unvested as of December 31, 2024	39,328,435	$	24.18
Granted	12,846,431	28.45
Vested	(218,051)	24.59
Vested and settled (1)	(27,594,299)	26.06
Forfeited/Cancelled	(2,059,172)	22.97
Unvested as of September 30, 2025	22,303,344	$	24.43

__________________

(1)Includes 12,999,422 shares of common stock underlying RSUs that were withheld to cover taxes on the settlement of vested RSUs during the nine months ended September 30, 2025.

Schedule of Service-based PSUs

A summary of the Company’s performance-based PSU activity for nine months ended September 30, 2025 is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2024	1,929,943	$	23.25
Granted	4,800,000	28.10
Vested	—	—
Forfeited/Cancelled	(60,646)	23.25
Balance as of September 30, 2025	6,669,297	$	26.74

Schedule of Weighted-Average Assumptions

The liquidity-based vesting condition was satisfied upon completion of the Company’s IPO. The fair value of these PSUs with a market condition was determined using a Monte Carlo valuation model that incorporated multiple stock price paths and probabilities that the Company stock price hurdles are met, with the following weighted-average assumptions:


Expected volatility	63.70	%
Risk-free interest rate	3.92	%
Expected dividend yield	—

Schedule of Stock-based Compensation Expense

The following table summarizes the total stock-based compensation expense:


	Three Months Ended September 30,					Nine Months Ended September 30,
		2025		2024			2025		2024
Member support and operations		$	10,016	$	776		$	130,657	$	2,849
Sales and marketing		4,054		473			46,943		973
Technology and development		39,692		4,418			573,644		8,674
General and administrative		30,993		4,467			252,354		9,232
Total		$	84,755	$	10,134		$	1,003,598	$	21,728

PROPERTY, EQUIPMENT, AND SOFTWARE, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 7.5	$ 6.9	$ 22.2	$ 18.2

REVENUE - Deferred Revenue (Details) $ in Thousands	9 Months Ended
REVENUE - Deferred Revenue (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Contract With Customer Liability [Roll Forward]
Beginning balance	$ 4,064
Ending balance	4,632
Increase in deferred revenue during the period	$ 568

REVENUE

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

REVENUE

Disaggregation of revenue

The Company’s products and services are offered only to members within the United States. The following table provides information about the Company’s disaggregated revenue streams:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Payments revenue	$	363,156	$	312,250	$	1,104,569	$	937,525
Platform-related revenue (1)(2)	180,363		109,621		485,843		260,532
Total revenue	$	543,519	$	421,871	$	1,590,412	$	1,198,057

__________________

Deferred revenue

The Company records deferred revenue for member-paid tips received prior to the expiration of the contractual refundable period. The deferred revenue balances were as follows:


Balance as of December 31, 2024	$	4,064
Balance as of September 30, 2025	4,632
Increase in deferred revenue during the period	$	568

The Company recognized materially all revenue from amounts included in the opening deferred revenue balances for the nine months ended September 30, 2025. Changes in deferred revenue during the period are driven by the increase in the amount of tips paid by members for using SpotMe.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

PROPERTY, EQUIPMENT, AND SOFTWARE, NET (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

Schedule of Property, Equipment, and Software

As of September 30, 2025 and December 31, 2024, property, equipment, and software, net consisted of the following:


	September 30, 2025		December 31, 2024
Computer equipment and purchased software	$	4,286	$	3,734
Furniture and fixtures	10,414		9,177
Leasehold improvements	65,648		61,736
Capitalized internal-use software	72,585		63,565
Total property, equipment, and software	$	152,933	$	138,212
Less: accumulated depreciation and amortization	(66,453)		(45,512)
Property, equipment, and software, net	$	86,480	$	92,700

Depreciation and amortization expense on property, equipment, and software was $7.5 million and $22.2 million for the three and nine months ended September 30, 2025, and $6.9 million and $18.2 million for the three and nine months ended September 30, 2024.

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2025

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

Equity Incentive Plans

The 2012 Stock Option and Grant Plan, as amended (the “2012 Plan”) was adopted, approved, and became effective in August 2012. Under the 2012 Plan, the Company was authorized to grant incentive stock options (“ISOs”), non-qualified stock options (“NSOs”), restricted stock awards (“RSAs”), unrestricted stock awards, RSUs, and PSUs. In connection with the IPO, the 2012 Plan was terminated effective immediately prior to the effectiveness of the 2025 Equity Incentive Plan (the “2025 Plan”). Under the 2025 Plan, the Company is authorized to grant ISOs, within the meaning of Section 422 of the Code, to employees and any parent and subsidiary corporations’ employees, as well as NSOs, RSAs, RSUs, PSUs, stock appreciation rights, and performance awards to employees, directors, and consultants, and the Company’s parent and subsidiary corporations’ employees and consultants.

Under the 2025 Plan, the Company initially reserved 46,500,000 shares of Class A common stock. In addition, the shares reserved for issuance under the 2025 Plan also includes any shares subject to stock options, restricted stock units, or similar awards granted under the 2012 Plan that, on or after the effective date of the IPO, expire or otherwise terminate without having been exercised in full, are tendered to or withheld by us for payment of an exercise price or for satisfying tax withholding obligations, or are forfeited to or repurchased by us due to failure to vest (provided that the maximum number of shares that may be added to the 2025 Plan pursuant to this sentence is 91,000,000 shares). The number of shares available for issuance under the 2025 Plan also includes an annual increase on the first day of each fiscal year beginning with the Company’s 2026 fiscal year, equal to the lesser of: (1) 46,500,000 shares of common stock, (2) five percent (5%) of the total number of shares of all classes of the Company’s outstanding common stock as of the last day of the immediately preceding fiscal year, or (3) such other amount as the Company’s board of directors may determine no later than the last day of the immediately preceding fiscal year.

As of September 30, 2025, there were 58,167,093 shares of Class A common stock reserved for future issuance under the 2025 Equity Incentive Plan.

Stock Options

The Company awards stock options with service-based vesting conditions to employees, generally vesting over a four-year period and contingent upon continued employment on each vesting date (“service-based stock options”). In 2024, the Company also granted stock options with performance-based vesting conditions to certain executives.

Stock options are granted with an exercise price of at least 100% of the fair market value of the Company’s stock at the date of grant and are exercisable when vested. In the event that an employee owns greater than 10% of the total combined voting power of all classes of stock of the Company, the exercise price must not be less than 110% of the fair market value of the Company’s stock at the date of grant.

Service-based stock options

A summary of the Company’s service-based stock option activity for the nine months ended September 30, 2025 is as follows:


	Outstanding Stock Options	Weighted average exercise price ($)		Weighted-average remaining contractual life (years)	Aggregate intrinsic value
Balance as of December 31, 2024	31,463,015	$	6.87	5.42	$	567,641
Granted	2,466,800	27.90
Exercised	(2,461,989)	4.41
Forfeited/Cancelled	(45,043)	13.89

Balance as of September 30, 2025	31,422,783	$	8.70	5.09	$	380,692
Vested and expected to vest as of September 30, 2025	31,422,783	$	8.70	5.09	$	380,692
Exercisable as of September 30, 2025	25,060,137	$	5.69	4.20	$	365,103

Aggregate intrinsic value represents the difference between the Company’s estimated fair value of its common stock and the exercise price of outstanding options with an exercise price below such estimated fair value. Aggregate intrinsic value for stock options exercised for the nine months ended September 30, 2025 was $50.8 million.

Performance stock options

In March 2024, the Company granted 1,200,000 stock options to certain executives, subject to both a service-based vesting condition and a performance-based vesting condition, each of which must be satisfied in order for an option share to vest. The service-based vesting schedule is satisfied in 48 equal monthly installments over four years following the vesting commencement date. The performance conditions relate to the achievement of specified revenue and other financial metric targets for the 2024 fiscal year as compared to 2023. In the first quarter of 2025, it was determined that the performance conditions were met for 400,000 shares pursuant to such awards and the remaining 800,000 shares pursuant to such awards were cancelled.

The following table summarizes the performance stock option activity for the nine months ended September 30, 2025:


	Outstanding Stock Options	Weighted average exercise price ($)		Weighted-average remaining contractual life (years)	Aggregate intrinsic value
Balance as of December 31, 2024	1,200,000	$	17.35	9.24	$	9,071
Granted	—	—
Exercised	—	—
Forfeited/Cancelled	(800,000)	17.35

Balance as of September 30, 2025	400,000	$	17.35	8.49	$	1,128
Vested and expected to vest as of September 30, 2025	400,000	$	17.35	8.49	$	1,128
Exercisable as of September 30, 2025	158,332	$	17.35	8.49	$	446

RSAs

Service-Based RSAs

A summary of the Company’s service-based RSA activity for the nine months ended September 30, 2025 is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2024	799,822	$	23.25
Granted	—	—
Vested	(199,952)	23.25
Forfeited/Cancelled	(38,806)	23.25
Balance as of September 30, 2025	561,064	$	23.25

The total value of shares vested in the nine months ended September 30, 2025 was $5.6 million. The total value of shares vested in the nine months ended September 30, 2024 was $1.6 million.

Performance-Based RSAs

A summary of the Company’s performance-based RSA activity for nine months ended September 30, 2025 is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2024	509,186	$	23.25
Granted	—	—
Vested	—	—
Forfeited/Cancelled	(26,061)	23.25
Balance as of September 30, 2025	483,125	$	23.25

RSUs

A summary of the Company’s service-based RSUs activity is as follows:


	Number of Restricted Stock Units	Weighted-average grant date fair value per share
Unvested as of December 31, 2024	39,328,435	$	24.18
Granted	12,846,431	28.45
Vested	(218,051)	24.59
Vested and settled (1)	(27,594,299)	26.06
Forfeited/Cancelled	(2,059,172)	22.97
Unvested as of September 30, 2025	22,303,344	$	24.43

__________________

(1)Includes 12,999,422 shares of common stock underlying RSUs that were withheld to cover taxes on the settlement of vested RSUs during the nine months ended September 30, 2025.

The total value of service-based RSUs vested in the nine months ended September 30, 2025 was $756.9 million.

PSUs

Performance-based PSUs

A summary of the Company’s performance-based PSU activity for nine months ended September 30, 2025 is as follows:


	Number of Shares of Restricted Stock	Weighted-average grant date fair value per share
Balance as of December 31, 2024	1,929,943	$	23.25
Granted	4,800,000	28.10
Vested	—	—
Forfeited/Cancelled	(60,646)	23.25
Balance as of September 30, 2025	6,669,297	$	26.74

In June 2024 in connection with the acquisition of Salt Labs, Inc., certain employees were granted 1,929,943 PSUs which vest based upon the achievement of designated operational metrics, continued employment, and upon the occurrence of a liquidity event. The liquidity-based vesting condition was satisfied upon completion of the Company’s IPO.

In April 2025, the Co-Founders were granted 4,800,000 PSUs which vest based upon the achievement of growth and profit performance-based metrics, continued employment, and upon the occurrence of a liquidity event. The liquidity-based vesting condition was satisfied upon completion of the Company’s IPO.

Market-based PSUs

Additionally, in April 2025 the Co-Founders were granted 1,600,000 PSU awards which vest based upon the achievement of stock price hurdle market-based metrics, continued employment, and upon the occurrence of a liquidity event. The liquidity-based vesting condition was satisfied upon completion of the Company’s IPO. The fair value of these PSUs with a market condition was determined using a Monte Carlo valuation model that incorporated multiple stock price paths and probabilities that the Company stock price hurdles are met, with the following weighted-average assumptions:


Expected volatility	63.70	%
Risk-free interest rate	3.92	%
Expected dividend yield	—

The weighted-average grant date fair value per share of the awards was $23.96.

All 1,600,000 market-based PSUs were outstanding as of September 30, 2025, as none have vested or been cancelled.

2025 Employee Stock Purchase Plan

The Company’s board of directors adopted, and the Company's stockholders approved, the 2025 Employee Stock Purchase Plan (the “ESPP”), which became effective immediately prior to the effectiveness of the registration statement on Form S-1 related to the IPO. A total of 9,300,000 shares of Class A common stock were initially reserved for sale under the ESPP. The number of shares of Class A common stock reserved for sale will automatically increase on the first day of each fiscal year beginning with the 2026 fiscal year, equal to the lesser of: (1) 9,300,000 shares, (2) one percent (1%) of the total number of shares of all classes of the Company’s common stock outstanding as of the last day of the immediately preceding fiscal year, or (3) such other amount as the board of directors may determine no later than the last day of the immediately preceding fiscal year.

Subject to any limitations contained therein, the ESPP allows eligible employees to contribute (in the form of payroll deductions or otherwise to the extent permitted by the administrator) an amount established by the administrator, but not exceeding 15% of their eligible compensation, from time to time in its discretion to purchase common stock at a discounted price per share.

As of September 30, 2025, there had been no offering period or purchase period under the ESPP, and no such period will begin unless and until determined by the Company’s board of directors as the administrator of the ESPP. As of September 30, 2025, there remained 9,300,000 shares reserved for sale under the ESPP.

Stock-Based Compensation Expense

The following table summarizes the total stock-based compensation expense:


	Three Months Ended September 30,					Nine Months Ended September 30,
		2025		2024			2025		2024
Member support and operations		$	10,016	$	776		$	130,657	$	2,849
Sales and marketing		4,054		473			46,943		973
Technology and development		39,692		4,418			573,644		8,674
General and administrative		30,993		4,467			252,354		9,232
Total		$	84,755	$	10,134		$	1,003,598	$	21,728

Included in the table above, in the three and nine months ended September 30, 2025 the Company recorded stock-based compensation of $64.3 million and $950.1 million related to service-based RSUs, $8.8 million and $19.4 million related to performance-based PSUs, and $4.3 million and $8.5 million related to market-based PSUs as the liquidity condition for these awards was satisfied in connection with the Company’s IPO.

During the three and nine months ended September 30, 2025, the Company capitalized $0.8 million and $1.0 million each period of stock-based compensation expense related to capitalized internal-use software. During the three and nine months ended September 30, 2024, the Company capitalized nil each period of stock-based compensation expense related to capitalized internal-use software.

As of September 30, 2025, there was $506.7 million of unrecognized stock based compensation expected to be recognized over a weighted average period of 2.50 years.

INDEBTEDNESS	9 Months Ended
INDEBTEDNESS	Sep. 30, 2025
Debt Disclosure [Abstract]
INDEBTEDNESS	INDEBTEDNESS Revolving Credit Facilities As of December 31, 2024, the Company was party to a credit agreement with certain lenders, which provided for a $125.0 million senior secured credit facility maturing on June 5, 2028 (the “prior facility”). As of December 31, 2024, the Company had letters of credit outstanding under the prior facility in a face amount of $20.1 million, which resulted in remaining borrowing capacity under the prior facility of $104.9 million, and no revolving loans had been drawn under the prior facility. On March 31, 2025, the Company terminated the prior facility and entered into a credit agreement with Morgan Stanley Senior Funding, Inc., as the administrative agent, the collateral agent, a letter of credit issuer and a lender, First-Citizens Bank & Trust Company, as a letter of credit issuer and a lender, and Goldman Sachs Lending Partners LLC, JPMorgan Chase Bank, N.A., Barclays Bank PLC, MUFG Bank Ltd., Texas Capital Bank, and Deutsche Bank AG New York Branch, as lenders, which provides for a $475.0 million senior secured revolving credit facility maturing on March 31, 2030 (the “credit facility”), or such later date as may be extended in accordance with the terms of the credit facility. As of September 30, 2025, the Company had letters of credit outstanding thereunder in a face amount of $31.4 million. As of September 30, 2025, no funds have been drawn under the credit facility. Loans under the credit facility initially bear interest at the Company’s option of (i) an annual rate based on the forward-looking term rate based on the Secured Overnight Financing Rate (“Term SOFR”), based on an interest period of one, three, or six months, plus an applicable margin of 1.50% or (ii) a base rate (the “base rate”) equal to the highest of (A) the prime rate, (B) the effective federal funds rate, plus 0.50%, and (C) Term SOFR for a one-month interest period plus 1.00%, in each case plus 0.50%. From and after the date financial statements are delivered under the credit facility for the fiscal quarter ending June 30, 2025, the applicable margin for (a) Term SOFR loans shall be either 1.50% or 1.25% and (b) base rate loans shall be either 0.50% or 0.25%, in each case, depending on the Company’s Consolidated Total Debt to Consolidated EBITDA Ratio (as defined in the credit agreement for the credit facility). The Term SOFR rate is at all times subject to a floor of 0%. The Company is obligated to pay other customary fees for a credit facility of this size and type, including letter of credit fees, an upfront fee, and an unused commitment fee. The Company’s obligations under the credit facility are required to be guaranteed by certain of its subsidiaries. Such obligations, including the guaranties, are secured by substantially all of the Company’s assets and those of the subsidiary guarantors. The credit facility includes customary affirmative and negative covenants, including, among others, restrictions on debt, liens, investments, fundamental changes, dividends, distributions, repurchases and/or redemptions of equity interests, and transactions with affiliates. In addition, the credit facility requires the Company to satisfy a minimum liquidity covenant. The Company was in compliance with all covenants as of September 30, 2025.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
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-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CREDIT OBLIGATIONS - Narrative (Details) - USD ($) $ in Millions	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Credit Loss [Abstract]
Maximum exposure to losses	$ 662.6	$ 454.3

LOANS HELD FOR INVESTMENT, NET - Loan Held for Investment (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Receivables [Abstract]
Loans held for investment	$ 188,279	$ 130,448
Less: allowance for expected credit losses	(79,283)	(30,649)
Total loans held for investment, net	$ 108,996	$ 99,799

STOCK-BASED COMPENSATION - RSUs and PSUs Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		9 Months Ended
	Apr. 30, 2025	Jun. 30, 2024	Sep. 30, 2025	Dec. 31, 2024
Service-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total value of shares vested			$ 756.9
Granted (in shares)			12,846,431
Weighted average grant date fair value (in usd per share)			$ 24.43	$ 24.18
Outstanding shares (in shares)			22,303,344	39,328,435
Vested (in shares)			218,051
Performance-based PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	4,800,000	1,929,943	4,800,000
Weighted average grant date fair value (in usd per share)			$ 26.74	$ 23.25
Outstanding shares (in shares)			6,669,297	1,929,943
Vested (in shares)			0
Market-based PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Granted (in shares)	1,600,000
Weighted average grant date fair value (in usd per share)			$ 23.96
Outstanding shares (in shares)			1,600,000
Vested (in shares)			0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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NET LOSS PER SHARE - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2025	Sep. 30, 2024
Numerator:
Net income (loss)	$ (54,722)	$ (923,376)	$ 12,939	$ (22,026)	$ 385	$ 15,903	$ (965,159)	$ (5,738)
Net loss attributable to common stockholders	(54,722)			(22,026)			(965,159)	(5,738)
Net loss attributable to common stockholders, diluted	$ (54,722)			$ (22,026)			$ (965,159)	$ (5,738)
Denominator:
Weighted-average number of common shares outstanding used to compute net loss per share attributable to common stockholders, basic (in shares)	371,829,972			65,149,191			189,227,164	64,757,159
Weighted-average number of common shares outstanding used to compute net loss per share attributable to common stockholders, diluted (in shares)	371,829,972			65,149,191			189,227,164	64,757,159
Net loss per share attributable to common stockholders, basic (in usd per share)	$ (0.15)			$ (0.34)			$ (5.10)	$ (0.09)
Net loss per share attributable to common stockholders, diluted (in usd per share)	$ (0.15)			$ (0.34)			$ (5.10)	$ (0.09)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 42: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Loss before income taxes	$	(54,442)		$	(19,827)		$	(964,374)		$	(3,823)
Provision for income taxes	280			2,199			785			1,915
Effective tax rate	(0.5)		%	(11.1)		%	(0.1)		%	(50.1)		%

FAIR VALUE MEASUREMENT - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Product obligation	$ 134,302	$ 114,377
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	985,352	620,629
Product obligation	0	0
Total liabilities	0	0
Level 1 \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	621,145	352,627
Level 1 \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	364,207	268,002
Level 1 \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	12,593	16,262
Product obligation	0	0
Total liabilities	0	0
Level 2 \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 2 \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	12,593	16,262
Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Level 2 \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	0	0
Product obligation	134,302	114,377
Total liabilities	134,302	114,377
Level 3 \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 3 \| U.S. agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities:	0	0
Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	$ 0
Level 3 \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	$ 0

NET LOSS PER SHARE (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

The Company calculated basic and diluted net loss per share attributable to common stockholders as follows (in thousands, except per share amounts):


	Three Months Ended September 30,			Nine Months Ended September 30,
		2025		2024		2025		2024
Numerator:
Net loss		$	(54,722)	$	(22,026)	$	(965,159)	$	(5,738)

Net loss attributable to common stockholders, basic and diluted		$	(54,722)	$	(22,026)	$	(965,159)	$	(5,738)
Denominator:
Weighted-average number of common shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		371,829,972		65,149,191		189,227,164		64,757,159
Net loss per share, basic and diluted		$	(0.15)	$	(0.34)	$	(5.10)	$	(0.09)

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect, or issuance of such shares is contingent upon the satisfaction of certain conditions which were not satisfied at the end of the respective periods:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Redeemable convertible preferred stock on an as-converted basis	—	258,667,796	—	258,667,796
Outstanding options to purchase common stock	31,822,783	32,548,231	31,822,783	32,548,231
Unvested service-based RSUs	22,303,344	37,707,900	22,303,344	37,707,900
Unvested performance-based PSUs	6,669,297	1,929,943	6,669,297	1,929,943
Unvested market-based PSUs	1,600,000	—	1,600,000	—
Unvested restricted stock awards	1,044,189	1,375,659	1,044,189	1,375,659
Warrants to purchase common stock	—	787,840	—	787,840
Total anti-dilutive securities	63,439,613	333,017,369	63,439,613	333,017,369

LOANS HELD FOR INVESTMENT, NET (Tables)

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

Schedule of Loans Held For Investment

Accounts receivable, net consisted of the following as of the following dates:


	September 30, 2025		December 31, 2024
Receivables due from bank partners(1)	$	97,867	$	97,994
Network incentive receivable	128,746		111,097
Other receivables	11,039		7,070
Accounts receivable, net	$	237,652	$	216,161

_________________

(1)Receivables due from bank partners are net of bank partner and network costs. As of September 30, 2025 and December 31, 2024, $72.4 million and $42.8 million of gross receivables due from bank partners were pledged as collateral.

Loans held for investment, net consisted of the following:


	September 30, 2025		December 31, 2024
Loans held for investment	$	188,279	$	130,448
Less: allowance for expected credit losses	(79,283)		(30,649)
Total loans held for investment, net	$	108,996	$	99,799

Schedule of Credit Quality Indicators

Below is a summary of the loans held for investment by vintage:


Days from origination	September 30, 2025		December 31, 2024
1 - 30	$	101,542	$	98,452
31 - 60	10,481		10,451
61 - 90	9,085		7,697
91 - 120	9,239		5,705
Greater than 120	57,932		8,143
Total	$	188,279	$	130,448

CREDIT OBLIGATIONS - Allowance For Expected Credit Losses (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($)
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Balance, beginning of the period	$ 30,649
Provision for expected credit losses	59,983
Amounts written off	(11,397)
Recoveries collected	48
Balance, end of the period	$ 79,283

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Operating activities:
Net income (loss)	$ (965,159)	$ (5,738)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	22,183	18,248
Non-cash lease expense	4,989	3,944
Stock-based compensation	1,003,598	21,728
Stock-based charitable contribution	11,168	0
Provision for transaction dispute losses	48,048	35,456
Change in fair value of product obligation	41,575	40,890
Provision for credit losses	62,266	12,036
Impairment related to real estate assets and internal-use software	0	1,309
Amortization of premium on marketable securities	(4,010)	(10,506)
Other	448	1,089
Changes in operating assets and liabilities:
Product collateral	(47,232)	(34,267)
Accounts receivable, net	(22,622)	(16,617)
Prepaid expenses and other assets	(7,781)	(12,501)
Accounts payable	4,180	11,960
Accrued and other liabilities	(97,964)	19,752
Operating lease liabilities	(11,810)	(7,077)
Settlements of the product obligation	(21,650)	(33,797)
Cash flows provided by operating activities	20,227	45,909
Investing activities:
Purchase of marketable securities	(665,283)	(361,196)
Proceeds from sales of marketable securities	256,514	27,384
Proceeds from sales of marketable securities	147,200	436,218
Purchases of loans held for investment	(3,616,906)	(735,214)
Repayments of loans held for investment	3,547,726	649,669
Purchase of property, equipment and software	(5,688)	(3,234)
Capitalization of internal-use software	(8,046)	(7,377)
Acquisition of business, net of cash acquired	0	(11,036)
Cash flows used in investing activities	(344,483)	(4,786)
Financing activities:
Payment of debt issuance costs related to the credit facility	(1,134)	0
Proceeds from the issuance of common stock upon initial public offering, net of underwriting discounts and offering costs paid	771,239	0
Taxes paid related to net share settlement of restricted stock units	(348,072)	0
Proceeds from exercise of stock options	10,925	907
Repurchases of common stock	0	(950)
Cash flows provided by (used in) financing activities	432,958	(43)
Net increase in cash and cash equivalents and restricted cash	108,702	41,080
Cash, cash equivalents, and restricted cash, beginning of period	350,000	239,745
Cash and cash equivalents, end of the period	445,026	270,825
Restricted cash, end of the period	13,676	10,000
Cash, cash equivalents, and restricted cash, end of the period	458,702	280,825
Supplementary cash flow disclosure:
Cash paid for interest	409	350
Cash paid for income taxes	1,139	161
Supplemental disclosures of noncash investing and financing activities:
Deferred offering costs not yet paid	651	0
Reclassification of deferred offering costs to additional paid-in capital upon initial public offering	14,815	0
Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering	2,890,121	0
Right-of-use assets obtained in exchange for lease obligations	53,237	0
Cash consideration, accrued but not yet paid, related to acquisition of business	$ 0	$ 2,300

NET LOSS PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	63,439,613	333,017,369	63,439,613	333,017,369
Redeemable convertible preferred stock on an as-converted basis
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	258,667,796	0	258,667,796
Outstanding options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	31,822,783	32,548,231	31,822,783	32,548,231
Unvested service-based RSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	22,303,344	37,707,900	22,303,344	37,707,900
Unvested performance-based PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	6,669,297	1,929,943	6,669,297	1,929,943
Unvested market-based PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	1,600,000	0	1,600,000	0
Unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	1,044,189	1,375,659	1,044,189	1,375,659
Warrants to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive securities (in shares)	0	787,840	0	787,840

ORGANIZATION AND DESCRIPTION OF BUSINESS	9 Months Ended
ORGANIZATION AND DESCRIPTION OF BUSINESS	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	ORGANIZATION AND DESCRIPTION OF BUSINESS Chime Financial, Inc. (“Chime” or the “Company”) is a financial technology company with a mission to unite everyday people to unlock their financial progress. Through its proprietary technology platform, Chime offers a suite of products that address members’ critical financial needs. The Company partners closely with multiple third-party bank partners to offer a broad suite of products across spending, liquidity, credit building, savings, and community. The Company was incorporated in the state of Delaware in 2012 and is headquartered in San Francisco, California with offices in Chicago, Illinois, and New York, New York.

FAIR VALUE MEASUREMENT (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table summarizes the assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:


	September 30, 2025
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	364,207	$	—	$	—
U.S. government securities	—		—		—
Marketable securities:
U.S. government securities	621,145		—		—
U.S. agency securities	—		12,593		—
Total assets	$	985,352	$	12,593	$	—
Liabilities
Product obligation	$	—	$	—	$	134,302
Total liabilities	$	—	$	—	$	134,302


	December 31, 2024
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	268,002	$	—	$	—
Marketable securities:
U.S. government securities	352,627		—		—
U.S. agency securities	—		16,262		—
Total assets	$	620,629	$	16,262	$	—
Liabilities
Product obligation	$	—	$	—	$	114,377
Total liabilities	$	—	$	—	$	114,377

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The following table presents quantitative information about the significant unobservable inputs for the product obligation measured at fair value on a recurring basis, weighted by the total unrecovered balance:


September 30, 2025
Significant Unobservable Inputs	Range	Weighted Average Rate
Discount rate	3.63%-4.63%	3.68	%
Expected loss rate	0.28% -100%	7.91	%


December 31, 2024
Significant Unobservable Inputs	Range	Weighted Average Rate
Discount rate	4.16%-5.16%	4.17	%
Expected loss rate	0.27% -100%	9.46	%

SIGNIFICANT BALANCE SHEET COMPONENTS (Tables)

9 Months Ended

Sep. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Other Assets

Other assets consisted of the following:


	September 30, 2025		December 31, 2024
Goodwill	$	27,492	$	27,492
Other assets	3,790		4,477
Total other assets	$	31,282	$	31,969

Schedule of Accrued Liabilities

Accrued and other current liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Accrued expenses	$	78,404	$	100,486
Accrued bonus	42,678		53,344
Current portion of lease liability	11,922		15,746
Accrued transaction dispute losses(i)	10,911		7,759
Network incentive obligation	12,522		27,147
Other current liabilities	25,150		20,112
Total accrued and other current liabilities	$	181,587	$	224,594

_________________

(1)The reconciliation of the beginning and ending accrued transaction dispute losses is as follows:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2025		2024		2025		2024
Accrued transaction dispute losses, beginning of the period		$	9,919	$	6,465	$	7,759	$	4,385
Provision for transaction dispute losses		17,003		11,331		48,048		35,456
Realized losses		(16,011)		(12,494)		(44,896)		(34,539)
Accrued transaction dispute losses, end of the period		$	10,911	$	5,302	$	10,911	$	5,302

Schedule of Other Current Liabilities

Accrued and other current liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Accrued expenses	$	78,404	$	100,486
Accrued bonus	42,678		53,344
Current portion of lease liability	11,922		15,746
Accrued transaction dispute losses(i)	10,911		7,759
Network incentive obligation	12,522		27,147
Other current liabilities	25,150		20,112
Total accrued and other current liabilities	$	181,587	$	224,594

_________________

(1)The reconciliation of the beginning and ending accrued transaction dispute losses is as follows:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2025		2024		2025		2024
Accrued transaction dispute losses, beginning of the period		$	9,919	$	6,465	$	7,759	$	4,385
Provision for transaction dispute losses		17,003		11,331		48,048		35,456
Realized losses		(16,011)		(12,494)		(44,896)		(34,539)
Accrued transaction dispute losses, end of the period		$	10,911	$	5,302	$	10,911	$	5,302

Schedule of Other Non-Current Liabilities

Other non-current liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Network incentive obligation, net of current portion	$	34,435	$	43,826
Other non-current liabilities	2,846		2,283
Total other non-current liabilities	$	37,281	$	46,109

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2025
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS As of December 31, 2024, a member of the Company's board of directors was an executive officer of Dallas Basketball Limited (“the Dallas Mavericks”). The Company is party to a multi-year sponsorship agreement with the Dallas Mavericks. During the three and nine months ended September 30, 2024 the Company paid nil and $6.4 million in sponsorship fees as part of the agreement. There were no balances outstanding or due as of December 31, 2024. The board member ceased serving as an executive officer of the Dallas Mavericks in 2025. In 2022, the Company established the Chime Scholars Foundation (the “Foundation”), which is a non-controlled nonprofit organization formed for the purpose of distributing charitable donations to recipients generally located in the communities the Company serves. In furtherance of this initiative, the Company entered into an agreement to gift 3,210,192 shares of the Company’s Class A common stock to the Foundation in ten annual installments commencing upon the Company’s IPO. The first annual installment of 321,019 shares of Class A common stock were transferred to the Foundation in June 2025. During the three and nine months ended September 30, 2025, the Company recognized nil and $11.2 million of stock-based charitable contribution for the fair value of donated shares, based on the closing stock price on the day of donation, within general and administrative expenses in the condensed consolidated statement of operations. Cash donations are recognized as expenses when paid to the Foundation. During the three and nine months ended September 30, 2025, cash donations were $2.3 million and $3.0 million. During the three and nine months ended September 30, 2024, cash donations were $0.5 million and $1.7 million.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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+ Details

SIGNIFICANT BALANCE SHEET COMPONENTS - Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued expenses	$ 78,404		$ 100,486
Accrued bonus	42,678		53,344
Current portion of lease liability	11,922		15,746
Accrued transaction dispute losses	10,911	$ 9,919	7,759	$ 5,302	$ 6,465	$ 4,385
Network incentive obligation	12,522		27,147
Other current liabilities	25,150		20,112
Total accrued and other current liabilities	$ 181,587		$ 224,594

STOCK-BASED COMPENSATION - Equity Incentive Plans Narrative (Details) - 2025 plan - Common Class A	9 Months Ended
	Sep. 30, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)	58,167,093
Maximum fair market value of stock at date of grant	5.00%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)	91,000,000
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)	46,500,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

PROPERTY, EQUIPMENT, AND SOFTWARE, NET

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment [Abstract]

PROPERTY, EQUIPMENT, AND SOFTWARE, NET

As of September 30, 2025 and December 31, 2024, property, equipment, and software, net consisted of the following:


	September 30, 2025		December 31, 2024
Computer equipment and purchased software	$	4,286	$	3,734
Furniture and fixtures	10,414		9,177
Leasehold improvements	65,648		61,736
Capitalized internal-use software	72,585		63,565
Total property, equipment, and software	$	152,933	$	138,212
Less: accumulated depreciation and amortization	(66,453)		(45,512)
Property, equipment, and software, net	$	86,480	$	92,700

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2025 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Amine Asmerom [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 19, 2025, Amine Asmerom, our Chief Accounting Officer, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell up to 94,491 shares of our Class A common stock on or prior to November 15, 2026.
Name	Amine Asmerom
Title	Chief Accounting Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 19, 2025
Expiration Date	November 15, 2026
Arrangement Duration	453 days
Aggregate Available	94,491
Matthew Newcomb [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 25, 2025, Matthew Newcomb, our Chief Financial Officer, through the 2019 Newcomb Fox Family Trust, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell up to 600,000 shares of our Class A common stock on or prior to November 24, 2026.
Name	Matthew Newcomb
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 25, 2025
Expiration Date	November 24, 2026
Arrangement Duration	456 days
Aggregate Available	600,000
Ryan King [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On August 28, 2025, Ryan King, our Co-Founder and a member of our Board of Directors, through the King Family Trust, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell up to 1,625,000 shares of our Class A common stock on or prior to January 5, 2027.
Name	Ryan King
Title	Co-Founder and a member of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 28, 2025
Expiration Date	January 5, 2027
Arrangement Duration	495 days
Aggregate Available	1,625,000
Adam Frankel [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 8, 2025, Adam Frankel, our General Counsel, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell up to 199,986 shares of our Class A common stock on or prior to June 1, 2026.
Name	Adam Frankel
Title	General Counsel
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 8, 2025
Expiration Date	June 1, 2026
Arrangement Duration	266 days
Aggregate Available	199,986
Christopher Britt [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On September 15, 2025, Christopher Britt, our Chief Executive Officer and the chairman of our Board of Directors, through the Britt Living Trust, adopted a “Rule 10b5-1 trading arrangement” (as defined in Item 408(a) of Regulation S-K) intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act pursuant to which he may sell up to 1,000,000 shares of our Class A common stock, including certain shares held by his spouse, on or prior to December 5, 2026.
Name	Christopher Britt
Title	Chief Executive Officer and the chairman of our Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 15, 2025
Expiration Date	December 5, 2026
Arrangement Duration	446 days
Aggregate Available	1,000,000

REVENUE - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue [Line Items]
Revenue	$ 543,519	$ 421,871	$ 1,590,412	$ 1,198,057
Payments revenue
Disaggregation of Revenue [Line Items]
Revenue	363,156	312,250	1,104,569	937,525
Platform-Related Revenue
Disaggregation of Revenue [Line Items]
Revenue	180,363	109,621	485,843	260,532
Revenue not from contract with customer	103,700	47,100	261,400	74,500
MyPay
Disaggregation of Revenue [Line Items]
Revenue	88,400	41,000	230,400	57,200
MyPay \| Off-Balance Sheet Receivables
Disaggregation of Revenue [Line Items]
Revenue	54,700	23,800	141,800	37,900
MyPay \| On-Balance Sheet Receivables
Disaggregation of Revenue [Line Items]
Revenue	$ 33,700	$ 17,200	$ 88,600	$ 19,300

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2025
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.
Principles of Consolidation	These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2024 included in the Company’s final prospectus for its IPO dated June 11, 2025 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1934 on June 12, 2025 (the “Final Prospectus”). As of September 30, 2025, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in its audited annual consolidated financial statements for the year ended December 31, 2024. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim period presented. The results of operations for interim periods are not necessarily indicative of results for the full year. The unaudited condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The reporting currency of the Company is the U.S. Dollar.
Segment Reporting	The Company operates as a single operating segment and therefore, one reportable segment. The Company’s Chief Operating Decision Maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating the Company’s financial performance. The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss as reported on the condensed consolidated statements of operations as consolidated net income (loss). Revenue from external customers and significant segment expenses are presented in the Company's condensed consolidated statements of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets. Substantially all long-lived assets are located in the United States, and all revenue is generated in the United States.
Use of Estimates	The preparation of these condensed consolidated financial statements requires management to make estimates and assumptions relating to reported amounts of assets, liabilities, revenues, and expenses. Significant estimates and assumptions include but are not limited to accrued transaction dispute losses, fair value of the product obligation, the allowance for expected credit losses, valuation of income taxes, the capitalization and estimated useful life of internal-use software, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, and the fair value of equity awards and stock-based compensation. These estimates are inherently subject to judgment. Actual results could differ from these estimates, and such differences may be material to the condensed consolidated financial statements.
Instant Transfer Fees	The Company provides members the ability to instantly transfer funds from their Chime account to an external account at a fixed rate. The Company is the principal in these arrangements, as it controls the transfer service before it is provided to the member. In partnership with its bank partners, card networks, and processors, the Company's performance obligation is to authorize and make funds instantly available in the member's external designated account. Revenue is recognized at a point in time on a gross basis when the transfer of funds is completed. Fees are remitted to the Company through its bank partners, generally collected monthly in arrears.
Stock-Based Compensation	RSUs The Company primarily grants service-based restricted stock units (“RSUs”) which vest upon the satisfaction of both a service condition and a liquidity condition. The service condition for these awards is generally satisfied over four years while the liquidity condition is satisfied upon the occurrence of a change in control of the Company or the consummation of an initial public offering of the Company’s equity securities, as defined in the applicable RSU agreements. The Company measures RSUs based on the fair value of the underlying common stock on the date of grant. Up until the IPO, the Company had not recognized any stock-based compensation expense related to RSUs as the liquidity condition had not been satisfied. Upon consummation of the IPO, the Company recorded cumulative stock-based compensation expense using the accelerated attribution method for those RSUs for which the service condition had been satisfied prior to the occurrence of the liquidity event. The Company will record the remaining unrecognized stock-based compensation expense over the remainder of the requisite service period. For RSUs granted after the IPO, the Company will record stock-based compensation on a straight-line basis over the requisite service period. PSUs Performance-based PSUs The Company granted restricted stock units with a service condition, a liquidity condition, and other operational performance-based vesting conditions. The awards are measured at fair value of the underlying common stock on the date of grant. Upon consummation of the IPO, the Company recorded cumulative stock-based compensation expense using the accelerated attribution method for those awards that are expected to vest based on the probability of achieving the performance criteria. The Company will record the remaining unrecognized expense over the remainder of the expected achievement period for the performance conditions of the awards. Market-based PSUs In addition, the Company granted restricted stock units with a service condition, a liquidity condition, and a stock price hurdle market-based vesting condition. The awards are measured at fair value on the date of grant using a Monte Carlo valuation model which incorporates various assumptions including expected stock price volatility, expected term, risk-free interest rates, expected date of a qualifying event, and expected Company valuation amounts. The Company records stock-based compensation expense for such awards using the accelerated attribution method over the requisite service period. The Company determines the requisite service period by comparing the derived service period to achieve the market-based vesting condition and the explicit time-based service period, using the longer of the two service periods as the requisite service period.
Concentration of Credit Risk	Financial instruments that potentially expose the Company to concentration of credit risk consist of cash and cash equivalents, product collateral, marketable securities, and accounts receivable. The Company’s cash equivalents are invested in interest-bearing money market funds that invest in a portfolio of short-term U.S. government obligations, which include U.S. Treasuries and other securities issued or guaranteed by the U.S. government. The Company does not hold or issue financial instruments for trading purposes. Cash on deposit with financial institutions may, at times, exceed federally insured limits. Management believes that these financial institutions are financially sound and, accordingly, minimal credit risk exists.
Recently Issued Accounting Pronouncements Not Yet Adopted	In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures. This ASU expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid. The update will be effective on a prospective basis for annual periods beginning after December 15, 2024. Upon adoption of this ASU, the Company expects to include certain additional disclosures in the effective income tax rate reconciliation in the notes to the consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses, which requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. This ASU is effective for annual periods beginning after December 15, 2026 and requires either prospective or retrospective application. The Company is currently evaluating the impact of the ASU on its disclosures. In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides for a practical expedient to estimate credit losses related to accounts receivable and contract assets from revenue contracts accounted for in accordance with ASC 606 using information as of the balance sheet date. This ASU is effective for annual periods beginning after December 15, 2025 and early adoption is permitted. The Company is currently evaluating the impact of this ASU on its financial statements and related disclosures. In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This ASU makes targeted improvements to the accounting for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. This ASU is effective for annual reporting periods beginning after December 15, 2027 and provides for adoption on a prospective basis, with retrospective or modified retrospective application permitted. The Company is currently evaluating the impact of this ASU on its financial statements and related disclosures.

- Definition

Disclosure of accounting policy for segment reporting.

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+ Details

- Definition

Disclosure of accounting policy for award under share-based payment arrangement. Includes, but is not limited to, methodology and assumption used in measuring cost.

+ References

+ Details

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

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+ Details

STOCK-BASED COMPENSATION - Stock Options Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2024 installemnt shares	Mar. 31, 2025 shares	Sep. 30, 2025 USD ($) shares
Performance stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	4 years
Granted (in shares)	1,200,000	400,000	0
Number of equal monthly installment \| installemnt	48
Outstanding stock options forfeited (in shares)		800,000	800,000
Service based stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years
Aggregate intrinsic value for stock options exercised \| $			$ 50.8
Granted (in shares)			2,466,800
Outstanding stock options forfeited (in shares)			45,043

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

MARKETABLE SECURITIES - Narrative (Details) $ in Millions	Sep. 30, 2025 USD ($) position	Dec. 31, 2024 USD ($) position
Investments, Debt and Equity Securities [Abstract]
Number of unrealized loss positions \| position	5	4
Allowance for credit loss \| $	$ 0.0	$ 0.0

MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Available-for-Sale Marketable Securities

The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available for sale (“AFS”) securities aggregated by investment category:


	September 30, 2025
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Total Estimated Fair Value
Marketable securities:
U.S. government securities	$	620,142	$	1,012	$	(9)	$	621,145
U.S. agency securities	12,581		12		—		12,593




Total marketable securities	$	632,723	$	1,024	$	(9)	$	633,738


	December 31, 2024
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Total Estimated Fair Value
Marketable securities:
U.S. government securities	$	351,930	$	707	$	(10)	$	352,627
U.S. agency securities	16,189		73		—		16,262




Total marketable securities	$	368,119	$	780	$	(10)	$	368,889

Schedule of Unrealized Gain (Loss) on Investments

The gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2025 and December 31, 2024, aggregated by investment category and the length of time that individual securities have been in a continuous loss position are as follows:


	September 30, 2025
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable securities:
U.S. government securities	$	27,676	$	(9)	$	—	$	—	$	27,676	$	(9)




Total	$	27,676	$	(9)	$	—	$	—	$	27,676	$	(9)


	December 31, 2024
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable securities:
U.S. government securities	$	19,951	$	(10)	$	—	$	—	$	19,951	$	(10)



Total	$	19,951	$	(10)	$	—	$	—	$	19,951	$	(10)

Schedule of Contractual Maturity

The following table summarizes the Company’s marketable securities by contractual maturity:


	As of September 30, 2025
	Amortized Cost		Fair Value
Within one year	$	499,362	$	500,046
After one year to five years	133,361		133,692
Total	$	632,723	$	633,738

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

INCOME TAXES

9 Months Ended

Sep. 30, 2025

Income Tax Disclosure [Abstract]

INCOME TAXES


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Loss before income taxes	$	(54,442)		$	(19,827)		$	(964,374)		$	(3,823)
Provision for income taxes	280			2,199			785			1,915
Effective tax rate	(0.5)		%	(11.1)		%	(0.1)		%	(50.1)		%

The Company’s tax provision for interim periods is determined using an estimated annual effective tax rate (“ETR”), adjusted for discrete items arising in the period. In each quarter, the Company updates its estimated annual ETR and makes a year-to-date calculation of the provision.

The Company’s ETR was (0.5)% and (0.1)% for the three and nine months ended September 30, 2025. The primary difference between the ETR and the federal statutory tax rate for each period was due to the non-deductible executive compensation, the excess tax benefits from stock-based compensation and valuation allowance on the Company’s deferred tax assets. Tax expense for the nine months ended September 30, 2025 was primarily due to certain state taxes. The Company’s ETR was (11.1)% and (50.1)% for the three and nine months ended September 30, 2024. The primary difference between the ETR and the federal statutory tax rate for each period is due to the valuation allowance on the Company’s deferred tax assets. The tax expense consisted of current federal and state taxes.

Management reviews all available positive and negative evidence in assessing the realizability of deferred tax assets. As of September 30, 2025, the Company maintained a full valuation allowance against the net deferred tax assets in applicable jurisdictions.

On July 4, 2025, H.R. 1 the One Big Beautiful Bill Act was signed into law in the U.S., which contains a broad range of tax reform provisions affecting businesses. The legislation did not have a material impact on the Company’s income tax expense for the three months ended September 30, 2025, but the Company will continue to evaluate the impact of the tax law changes.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

CREDIT OBLIGATIONS - Product Obligations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Balance, beginning of the period	$ 138,979	$ 91,280	$ 114,377	$ 88,600
Change in fair value of product obligation	(2,004)	9,875	41,575	40,890
Settlements	(2,673)	(5,462)	(21,650)	(33,797)
Balance, end of the period	134,302	95,693	134,302	95,693
SpotMe
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of product obligation	(24,300)	(20,500)	(81,000)	(59,000)
MyPay \| Transaction And Risk Losses
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of product obligation	(29,600)	(13,200)	(99,100)	(19,800)
MyPay \| Revenue
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Change in fair value of product obligation	$ 54,700	$ 23,800	$ 141,900	$ 37,800

FAIR VALUE MEASUREMENT

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENT

The Company’s financial instruments consist primarily of cash equivalents, marketable securities, accounts receivable, prepaid and other current assets, accounts payable, accrued and other current liabilities, and the product obligation. Accounts receivable, prepaid and other current assets, accounts payable, and accrued and other current liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. Cash equivalents, marketable securities, and the product obligation are carried at fair value.

The following table summarizes the assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy:


	September 30, 2025
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	364,207	$	—	$	—
U.S. government securities	—		—		—
Marketable securities:
U.S. government securities	621,145		—		—
U.S. agency securities	—		12,593		—
Total assets	$	985,352	$	12,593	$	—
Liabilities
Product obligation	$	—	$	—	$	134,302
Total liabilities	$	—	$	—	$	134,302


	December 31, 2024
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	268,002	$	—	$	—
Marketable securities:
U.S. government securities	352,627		—		—
U.S. agency securities	—		16,262		—
Total assets	$	620,629	$	16,262	$	—
Liabilities
Product obligation	$	—	$	—	$	114,377
Total liabilities	$	—	$	—	$	114,377

The Company classifies money market funds, U.S. government securities, and U.S. agency securities within Level 1 or Level 2 of the fair value hierarchy as the Company determined the fair value of these instruments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

The Company accounts for the product obligation as a derivative. The Company’s product obligation is measured at fair value on a recurring basis using unobservable inputs at each reporting period and are classified within Level 3. The fair value is derived using the discounted cash flow method. The key estimates and assumptions impacting the fair value include the Company’s expectation that the historical cash flows are indicative of future cash flows; that historical losses realized on the product obligation are indicative of future losses, adjusted, where applicable, for seasonality and new information about future expectations; and the expected recovery rate.


September 30, 2025
Significant Unobservable Inputs	Range	Weighted Average Rate
Discount rate	3.63%-4.63%	3.68	%
Expected loss rate	0.28% -100%	7.91	%


December 31, 2024
Significant Unobservable Inputs	Range	Weighted Average Rate
Discount rate	4.16%-5.16%	4.17	%
Expected loss rate	0.27% -100%	9.46	%

Refer to Note 7 - Credit Obligations for more information on the product obligation.

The Company did not have any transfers between Level 1, Level 2, and Level 3 assets or liabilities during the periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Section 50
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

SIGNIFICANT BALANCE SHEET COMPONENTS - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Goodwill	$ 27,492	$ 27,492
Other assets	3,790	4,477
Total other assets	$ 31,282	$ 31,969

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479581/805-30-50-4

+ Details

STOCK-BASED COMPENSATION - Stock-based Compensation Expense Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 84,755	$ 10,134	$ 1,003,598	$ 21,728
Stock-based compensation expense related to capitalized internal-use software	800	$ 0	1,000	$ 0
Unrecognized stock based compensation	506,700		$ 506,700
Period for recognition over weightage average period			2 years 6 months
Service-based RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	64,300		$ 950,100
Performance-based PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	8,800		19,400
Market-based PSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation	$ 4,300		$ 8,500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

REDEEMABLE CONVERTIBLE PREFERRED STOCK, COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) - Narrative (Details)

3 Months Ended

9 Months Ended

Sep. 30, 2025

$ / shares

Jun. 30, 2025

Sep. 30, 2025

vote

$ / shares

Jun. 13, 2025

$ / shares

Mar. 31, 2025

^[1]

Dec. 31, 2024

$ / shares

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Dec. 31, 2023

Class of Stock [Line Items]

Common stock, authorized (in shares)

416,094,141

Common stock, par value (in usd per share) | $ / shares

$ 0.0001

Common stock, issued (in shares)

66,950,736

Common stock, outstanding (in shares)

66,950,736

Preferred stock, authorized (in shares)

100,000,000

Preferred stock, par value (in usd per share) | $ / shares

$ 0.0001

Warrants outstanding (in shares)

787,840

Weighted average exercise price (in usd per share) | $ / shares

$ 0.10

Weighted average remaining life

2 years 10 days

Issuance of common stock in connection with initial public offering and upon exercise of warrants (in shares)

785,350

Common Stock

Class of Stock [Line Items]

Common stock, outstanding (in shares)

374,417,665

^[1]

370,776,813

^[1]

374,417,665

^[1]

67,587,532

66,950,736

^[1]

66,714,406

66,550,495

64,589,534

64,394,985

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)

^[1]

258,667,796

Issuance of common stock in connection with initial public offering and upon exercise of warrants (in shares)

^[1]

785,350

30,700,765

Class A common stock

Class of Stock [Line Items]

Common stock, authorized (in shares)

5,000,000,000

Common stock, par value (in usd per share) | $ / shares

$ 0.0001

Common stock, issued (in shares)

342,235,376

Common stock, outstanding (in shares)

342,235,376

Common stock, voting rights | vote

Class B common stock

Class of Stock [Line Items]

Common stock, authorized (in shares)

65,000,000

Common stock, par value (in usd per share) | $ / shares

$ 0.0001

Common stock, issued (in shares)

32,182,289

Common stock, outstanding (in shares)

32,182,289

Common stock, voting rights | vote

Class C common stock

Class of Stock [Line Items]

Common stock, authorized (in shares)

500,000,000

Common stock, par value (in usd per share) | $ / shares

$ 0.0001

Common stock, issued (in shares)

Common stock, outstanding (in shares)

Common stock, voting rights | vote

Preferred Stock

Class of Stock [Line Items]

Preferred stock, authorized (in shares)

100,000,000

[1]

The share amounts listed above combine common stock, Class A common stock and Class B common stock. In connection with the completion of our initial public offering, all previously outstanding shares of common stock were reclassified into Class A common stock and Class B common stock. Refer to Note 2 for more information.

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2025
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS ChimeCore Migration On November 4, 2025, the Company completed its migration of all member accounts to ChimeCore and ceased the use of its third-party processor. While the contractual relationship will continue until March 2026, the Company will incur approximately $32.7 million in one-time termination costs in general and administrative expenses in the fourth quarter of 2025. Share Repurchase Program On November 5, 2025, the Company announced that its board of directors approved a share repurchase program with authorization to purchase up to $200.0 million of the Company’s Class A common stock at management’s discretion. Repurchases may be made from time to time through open market purchases, privately negotiated transactions or other means, subject to market conditions, applicable legal requirements, and other relevant factors. Open market repurchases may be structured to occur in accordance with the requirements of Rule 10b-18 of the Exchange Act. The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its Class A common stock under this authorization. The timing and actual number of shares repurchased may depend on a variety of factors, including legal requirements, price, and economic and market conditions. The repurchase program does not obligate the Company to repurchase any particular amount of Class A common stock and may be suspended or discontinued at any time at the Company’s discretion without prior notice, subject to all applicable securities laws.

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Accounts Receivable (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Summary Of Significant Accounting Policies [Line Items]
Receivables due from bank partners	$ 97,867	$ 97,994
Network incentive receivable	128,746	111,097
Other receivables	11,039	7,070
Accounts receivable, net	237,652	216,161
Collateral Pledged
Summary Of Significant Accounting Policies [Line Items]
Receivables due from bank partners	$ 72,400	$ 42,800

LOANS HELD FOR INVESTMENT, NET

9 Months Ended

Sep. 30, 2025

Receivables [Abstract]

LOANS HELD FOR INVESTMENT, NET

Loans held for investment, net consisted of the following:


	September 30, 2025		December 31, 2024
Loans held for investment	$	188,279	$	130,448
Less: allowance for expected credit losses	(79,283)		(30,649)
Total loans held for investment, net	$	108,996	$	99,799

Credit Quality Information

The Company analyzes its loans held for investment based on the aging of unpaid principal. This is the credit quality indicator management uses to evaluate the allowance for expected credit losses on loans held for investment. Below is a summary of the loans held for investment by vintage:


Days from origination	September 30, 2025		December 31, 2024
1 - 30	$	101,542	$	98,452
31 - 60	10,481		10,451
61 - 90	9,085		7,697
91 - 120	9,239		5,705
Greater than 120	57,932		8,143
Total	$	188,279	$	130,448

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)
$ / shares in Units, $ in Thousands

3 Months Ended

9 Months Ended

12 Months Ended

Jun. 13, 2025

USD ($)

$ / shares

Sep. 30, 2025

USD ($)

Jun. 30, 2025

Sep. 30, 2025

USD ($)

segment

period

Dec. 31, 2024

USD ($)

Summary Of Significant Accounting Policies [Line Items]

Common stock, authorized (in shares)

416,094,141

Preferred stock, authorized (in shares)

100,000,000

Number of reportable segments | segment

Number of operating segments | segment

Debt securities, available-for-sale, | $

$ 633,738

$ 368,889

Service-based RSUs

Summary Of Significant Accounting Policies [Line Items]

Vesting period

4 years

Market-based PSUs

Summary Of Significant Accounting Policies [Line Items]

Number of service periods | period

Common Stock

Summary Of Significant Accounting Policies [Line Items]

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)

^[1]

258,667,796

IPO

Summary Of Significant Accounting Policies [Line Items]

Number of shares sold by stockholders (in shares)

6,099,235

Number of shares sold by company (in shares)

4,800,000

Consideration received on transaction | $

$ 770,600

Discounts and commissions | $

43,500

Offering expenses | $

$ 14,800

Common Class A

Summary Of Significant Accounting Policies [Line Items]

Shares converted (in shares)

32,182,289

Common stock, authorized (in shares)

5,000,000,000

Common Class A | IPO

Summary Of Significant Accounting Policies [Line Items]

Sale of stock, number of shares (in shares)

36,800,000

Sale of stock, price per share (in dollars per share) | $ / shares

$ 27.00

Common Class B

Summary Of Significant Accounting Policies [Line Items]

Common stock, authorized (in shares)

65,000,000

Common Class C

Summary Of Significant Accounting Policies [Line Items]

Common stock, authorized (in shares)

500,000,000

Preferred Stock

Summary Of Significant Accounting Policies [Line Items]

Preferred stock, authorized (in shares)

100,000,000

U.S. government securities

Summary Of Significant Accounting Policies [Line Items]

Debt securities, available-for-sale, | $

$ 621,145

$ 352,627

U.S. government securities | Security Concentration Risk | Debt Securities

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

98.00%

96.00%

Bank Partner A | Customer Concentration Risk | Accounts Receivable

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

25.00%

Bank Partner B | Customer Concentration Risk | Accounts Receivable

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

17.00%

20.00%

Combined Bank Partners | Customer Concentration Risk | Accounts Receivable

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

42.00%

45.00%

Card Network Partner | Customer Concentration Risk | Accounts Receivable

Summary Of Significant Accounting Policies [Line Items]

Concentration risk, percentage

53.00%

50.00%

[1]

MARKETABLE SECURITIES - Contractual Maturity (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Amortized Cost
Within one year	$ 499,362
After one year to five years	133,361
Total	632,723
Fair Value
Within one year	500,046
After one year to five years	133,692
Total	$ 633,738

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

STOCK-BASED COMPENSATION - RSAs Activity Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Service-based RSAs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total value of shares vested	$ 5.6	$ 1.6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

RELATED PARTY TRANSACTIONS (Details)	1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
RELATED PARTY TRANSACTIONS (Details)	Jun. 30, 2025 shares	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2022 installemnt shares
Related Party Transaction [Line Items]
Sponsor fees			$ 0		$ 6,400,000	$ 0
Stock-based charitable contribution				$ 11,168,000	0
General and administrative		$ 76,575,000	46,645,000	403,415,000	127,535,000
Related Party
Related Party Transaction [Line Items]
Common stock, shares held by related party (in shares) \| shares							3,210,192
Number of equal installments \| installemnt							10
Shares issued in first installment (in shares) \| shares	321,019
Stock-based charitable contribution		0		11,200,000
General and administrative		$ 2,300,000	$ 500,000	$ 3,000,000.0	$ 1,700,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

COMMITMENTS AND CONTINGENCIES (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Cost

The Company’s operating lease costs are as follows:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2025		2024		2025		2024
Fixed operating lease costs		$	3,616	$	2,539	$	8,887	$	7,554
Variable operating lease costs		1,964		1,770		5,640		5,473
Short-term lease cost		44		222		260		535
Sublease income		(228)		(221)		(677)		(657)
Total lease cost		$	5,396	$	4,310	$	14,110	$	12,905

The weighted average remaining operating lease term and the weighted average discount rate used in the calculation of the Company’s lease assets and lease liabilities were as follows:


	September 30, 2025
Weighted average remaining operating lease term (in years)	8.4
Weighted average discount rate	5.55	%

Cash flows related to leases were as follows:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2025		2024		2025		2024
Operating cash flows:
Payments for operating lease liabilities		$	4,972	$	4,263	$	14,782	$	12,749

Schedule of Future Minimum Lease Payments Under Non-cancelable Operating Leases

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of September 30, 2025 were as follows:


Remainder of 2025	$	4,984
2026	15,741
2027	21,005
2028	20,545
2029	20,936
2030	21,337
Thereafter	73,063
Total lease payments	$	177,611
Less: imputed interest	39,848


Total operating lease liabilities	$	137,763

FAIR VALUE MEASUREMENT - Schedule of Unobservable Inputs for the Product Obligation (Details)	Sep. 30, 2025	Dec. 31, 2024
Minimum \| Discount rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0363	0.0416
Minimum \| Expected loss rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0028	0.0027
Maximum \| Discount rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0463	0.0516
Maximum \| Expected loss rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	1	1
Weighted Average \| Discount rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0368	0.0417
Weighted Average \| Expected loss rate
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative liability, measurement input	0.0791	0.0946

PROPERTY, EQUIPMENT, AND SOFTWARE, NET - Schedule of property, equipment, and software, net (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	$ 152,933	$ 138,212
Less: accumulated depreciation and amortization	(66,453)	(45,512)
Property, equipment, and software, net	86,480	92,700
Computer equipment and purchased software
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	4,286	3,734
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	10,414	9,177
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	65,648	61,736
Capitalized internal-use software
Property, Plant and Equipment [Line Items]
Total property, equipment, and software	$ 72,585	$ 63,565

REDEEMABLE CONVERTIBLE PREFERRED STOCK, COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) - Schedule of Redeemable Convertible Preferred Stock Conversion into Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Shares authorized (in shares)	0			258,613,394
Shares issued (in shares)	0			258,464,156
Shares outstanding (in shares)	0	0	258,464,156	258,464,156	258,464,156	258,464,156	258,464,156	258,464,156
Aggregate Liquidation Preference				$ 2,894,515
Carrying Value, Net of Issuance Costs	$ 0	$ 0	$ 2,890,121	$ 2,890,121	$ 2,890,121	$ 2,890,121	$ 2,890,121	$ 2,890,121
Series Seed
Shares authorized (in shares)				8,447,522
Shares issued (in shares)				8,447,522
Shares outstanding (in shares)				8,447,522
Per share liquidation preference (in usd per share)				$ 0.172000
Aggregate Liquidation Preference				$ 1,453
Per share dividend per annum (in usd per share)				$ 0.01032
Carrying Value, Net of Issuance Costs				$ 1,437
Series A
Shares authorized (in shares)				22,879,812
Shares issued (in shares)				22,879,812
Shares outstanding (in shares)				22,879,812
Per share liquidation preference (in usd per share)				$ 0.272000
Aggregate Liquidation Preference				$ 6,223
Per share dividend per annum (in usd per share)				$ 0.01632
Carrying Value, Net of Issuance Costs				$ 6,109
Series A-2
Shares authorized (in shares)				18,051,770
Shares issued (in shares)				18,051,770
Shares outstanding (in shares)				18,051,770
Per share liquidation preference (in usd per share)				$ 0.259180
Aggregate Liquidation Preference				$ 4,679
Per share dividend per annum (in usd per share)				$ 0.01555
Carrying Value, Net of Issuance Costs				$ 4,604
Series B
Shares authorized (in shares)				28,863,992
Shares issued (in shares)				28,863,992
Shares outstanding (in shares)				28,863,992
Per share liquidation preference (in usd per share)				$ 0.470340
Aggregate Liquidation Preference				$ 13,576
Per share dividend per annum (in usd per share)				$ 0.02822
Carrying Value, Net of Issuance Costs				$ 12,615
Series C
Shares authorized (in shares)				31,700,221
Shares issued (in shares)				31,700,221
Shares outstanding (in shares)				31,700,221
Per share liquidation preference (in usd per share)				$ 2.125790
Aggregate Liquidation Preference				$ 67,388
Per share dividend per annum (in usd per share)				$ 0.17006
Carrying Value, Net of Issuance Costs				$ 67,266
Series C-1
Shares authorized (in shares)				770,230
Shares issued (in shares)				770,230
Shares outstanding (in shares)				770,230
Per share liquidation preference (in usd per share)				$ 2.125790
Aggregate Liquidation Preference				$ 1,637
Per share dividend per annum (in usd per share)				$ 0.17006
Carrying Value, Net of Issuance Costs				$ 36
Series D
Shares authorized (in shares)				76,687,100
Shares issued (in shares)				76,687,100
Shares outstanding (in shares)				76,687,100
Per share liquidation preference (in usd per share)				$ 5.224700
Aggregate Liquidation Preference				$ 400,667
Per share dividend per annum (in usd per share)				$ 0.41798
Carrying Value, Net of Issuance Costs				$ 400,420
Series E
Shares authorized (in shares)				40,551,970
Shares issued (in shares)				40,551,970
Shares outstanding (in shares)				40,551,970
Per share liquidation preference (in usd per share)				$ 17.261800
Aggregate Liquidation Preference				$ 700,000
Per share dividend per annum (in usd per share)				$ 1.38090
Carrying Value, Net of Issuance Costs				$ 699,674
Series F
Shares authorized (in shares)				14,662,469
Shares issued (in shares)				14,513,241
Shares outstanding (in shares)				14,513,241
Per share liquidation preference (in usd per share)				$ 40.920800
Aggregate Liquidation Preference				$ 593,893
Per share dividend per annum (in usd per share)				$ 3.27370
Carrying Value, Net of Issuance Costs				$ 593,608
Series G
Shares authorized (in shares)				15,998,308
Shares issued (in shares)				15,998,298
Shares outstanding (in shares)				15,998,298
Per share liquidation preference (in usd per share)				$ 69.069800
Aggregate Liquidation Preference				$ 1,104,999
Per share dividend per annum (in usd per share)				$ 5.52560
Carrying Value, Net of Issuance Costs				$ 1,104,352

MARKETABLE SECURITIES - Gross Unrealized Loss and Fair Values (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value
Less than 12 months	$ 27,676	$ 19,951
Greater than 12 months	0	0
Total	27,676	19,951
Gross Unrealized Losses
Less than 12 months	(9)	(10)
Greater than 12 months	0	0
Total	(9)	(10)
U.S. government securities
Fair Value
Less than 12 months	27,676	19,951
Greater than 12 months	0	0
Total	27,676	19,951
Gross Unrealized Losses
Less than 12 months	(9)	(10)
Greater than 12 months	0	0
Total	$ (9)	$ (10)

NET LOSS PER SHARE

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

NET LOSS PER SHARE

The Company presents net loss per share attributable to common stockholders in conformity with the two-class method required for participating securities, and considered redeemable convertible preferred stock which was outstanding prior to the Company’s IPO to be participating securities. The two-class method requires earnings available to common stockholders for the period to be allocated between common stock and participating securities based upon their respective rights to receive dividends as if all earnings for the period had been distributed.

In connection with the IPO, the Company amended its certificate of incorporation and created multiple classes of common stock (see Note 2). Class A, Class B, and Class C common stock share proportionately, on a per share basis, in the Company’s net income (losses) and participate equally in the dividends on common stock, if declared. The Company allocates net income (losses) attributable to common stock between each class of common stock on a one-to-one basis when computing net loss per share. As a result, basic and diluted net loss per share or each class of common stock are equivalent.

The Company calculates basic net loss per share attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share attributable to common stockholders gives effect to all potential shares of common stock, including common stock issuable upon conversion of redeemable convertible preferred stock, stock options, RSUs, and common stock warrants to the extent these are dilutive. Basic and diluted net loss per share is the same for all periods presented because the effects of potentially dilutive items were anti-dilutive.

The Company calculated basic and diluted net loss per share attributable to common stockholders as follows (in thousands, except per share amounts):


	Three Months Ended September 30,			Nine Months Ended September 30,
		2025		2024		2025		2024
Numerator:
Net loss		$	(54,722)	$	(22,026)	$	(965,159)	$	(5,738)

Net loss attributable to common stockholders, basic and diluted		$	(54,722)	$	(22,026)	$	(965,159)	$	(5,738)
Denominator:
Weighted-average number of common shares outstanding used to compute net loss per share attributable to common stockholders, basic and diluted		371,829,972		65,149,191		189,227,164		64,757,159
Net loss per share, basic and diluted		$	(0.15)	$	(0.34)	$	(5.10)	$	(0.09)


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Redeemable convertible preferred stock on an as-converted basis	—	258,667,796	—	258,667,796
Outstanding options to purchase common stock	31,822,783	32,548,231	31,822,783	32,548,231
Unvested service-based RSUs	22,303,344	37,707,900	22,303,344	37,707,900
Unvested performance-based PSUs	6,669,297	1,929,943	6,669,297	1,929,943
Unvested market-based PSUs	1,600,000	—	1,600,000	—
Unvested restricted stock awards	1,044,189	1,375,659	1,044,189	1,375,659
Warrants to purchase common stock	—	787,840	—	787,840
Total anti-dilutive securities	63,439,613	333,017,369	63,439,613	333,017,369

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($)
$ in Thousands

Total

Common Stock

Additional Paid-in Capital

Accumulated Deficit

Accumulated Other Comprehensive Income (Loss)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock, outstanding (in shares)

64,394,985

Beginning balance (in shares) at Dec. 31, 2023

258,464,156

Beginning balance at Dec. 31, 2023

$ 2,890,121

Ending balance (in shares) at Mar. 31, 2024

258,464,156

Ending balance at Mar. 31, 2024

$ 2,890,121

Beginning balance at Dec. 31, 2023

(1,953,613)

$ 2

$ 384,489

$ (2,338,824)

$ 720

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

15,903

Issuance of common stock upon exercise of stock options (in shares)

196,039

Issuance of common stock upon exercise of stock options

208

Repurchases of common stock (in shares)

(1,490)

Repurchases of common stock

(27)

Stock-based compensation

5,173

Change in accumulated other comprehensive income (loss), net of tax

(1,324)

Ending balance (in shares) at Mar. 31, 2024

64,589,534

Ending balance at Mar. 31, 2024

$ (1,933,680)

$ 2

389,843

(2,322,921)

(604)

Beginning balance (in shares) at Dec. 31, 2023

258,464,156

Beginning balance at Dec. 31, 2023

$ 2,890,121

Ending balance (in shares) at Sep. 30, 2024

258,464,156

Ending balance at Sep. 30, 2024

$ 2,890,121

Beginning balance at Dec. 31, 2023

(1,953,613)

$ 2

384,489

(2,338,824)

720

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(5,738)

Ending balance (in shares) at Sep. 30, 2024

66,714,406

Ending balance at Sep. 30, 2024

$ (1,917,233)

$ 2

424,687

(2,344,562)

2,640

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock, outstanding (in shares)

64,589,534

Beginning balance (in shares) at Mar. 31, 2024

258,464,156

Beginning balance at Mar. 31, 2024

$ 2,890,121

Ending balance (in shares) at Jun. 30, 2024

258,464,156

Ending balance at Jun. 30, 2024

$ 2,890,121

Beginning balance at Mar. 31, 2024

(1,933,680)

$ 2

389,843

(2,322,921)

(604)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

385

Issuance of common stock upon exercise of stock options (in shares)

341,686

Issuance of common stock upon exercise of stock options

392

Repurchases of common stock (in shares)

(26,500)

Repurchases of common stock

(510)

Stock-based compensation

6,366

Issuance of common stock and restricted common stock in connection with business acquisition (in shares)

1,645,775

Issuance of common stock and restricted common stock in connection with business acquisition

18,506

Change in accumulated other comprehensive income (loss), net of tax

(382)

Ending balance (in shares) at Jun. 30, 2024

66,550,495

Ending balance at Jun. 30, 2024

$ (1,908,923)

$ 2

414,597

(2,322,536)

(986)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock, outstanding (in shares)

66,550,495

Ending balance (in shares) at Sep. 30, 2024

258,464,156

Ending balance at Sep. 30, 2024

$ 2,890,121

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(22,026)

Issuance of common stock upon exercise of stock options (in shares)

178,811

Issuance of common stock upon exercise of stock options

307

Repurchases of common stock (in shares)

(14,900)

Repurchases of common stock

(316)

Stock-based compensation

10,099

Change in accumulated other comprehensive income (loss), net of tax

3,626

Ending balance (in shares) at Sep. 30, 2024

66,714,406

Ending balance at Sep. 30, 2024

$ (1,917,233)

$ 2

424,687

(2,344,562)

2,640

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock, outstanding (in shares)

66,714,406

Common stock, outstanding (in shares)

66,950,736

^[1]

Beginning balance (in shares) at Dec. 31, 2024

258,464,156

Beginning balance at Dec. 31, 2024

$ 2,890,121

Ending balance (in shares) at Mar. 31, 2025

258,464,156

Ending balance at Mar. 31, 2025

$ 2,890,121

Beginning balance at Dec. 31, 2024

(1,930,600)

$ 2

^[1]

433,363

(2,364,168)

203

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

12,939

Issuance of common stock upon exercise of stock options (in shares)

^[1]

636,796

Issuance of common stock upon exercise of stock options

717

Stock-based compensation

8,749

Change in accumulated other comprehensive income (loss), net of tax

Ending balance (in shares) at Mar. 31, 2025

^[1]

67,587,532

Ending balance at Mar. 31, 2025

$ (1,908,104)

$ 2

^[1]

442,829

(2,351,229)

294

Beginning balance (in shares) at Dec. 31, 2024

258,464,156

Beginning balance at Dec. 31, 2024

$ 2,890,121

Ending balance (in shares) at Sep. 30, 2025

Ending balance at Sep. 30, 2025

$ 0

Beginning balance at Dec. 31, 2024

(1,930,600)

$ 2

^[1]

433,363

(2,364,168)

203

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

$ (965,159)

Issuance of common stock in connection with initial public offering and upon exercise of warrants (in shares)

785,350

Ending balance (in shares) at Sep. 30, 2025

374,417,665

^[1]

Ending balance at Sep. 30, 2025

$ 1,443,274

$ 31

^[1]

4,772,649

(3,329,327)

(79)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock, outstanding (in shares)

^[1]

67,587,532

Beginning balance (in shares) at Mar. 31, 2025

258,464,156

Beginning balance at Mar. 31, 2025

$ 2,890,121

Increase (Decrease) in Temporary Equity [Roll Forward]

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)

(258,464,156)

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering

$ (2,890,121)

Ending balance (in shares) at Jun. 30, 2025

Ending balance at Jun. 30, 2025

$ 0

Beginning balance at Mar. 31, 2025

(1,908,104)

$ 2

^[1]

442,829

(2,351,229)

294

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(923,376)

Issuance of common stock in connection with initial public offering and upon exercise of warrants (in shares)

^[1]

30,700,765

Issuance of common stock in connection with initial public offering and upon exercise of warrants

770,588

$ 3

^[1]

770,585

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)

^[1]

258,667,796

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering

2,890,121

$ 26

^[1]

2,890,095

Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)

^[1]

13,403,583

Issuance of common stock upon settlement of restricted stock units, net of shares withheld

(322,619)

Issuance of common stock upon exercise of stock options (in shares)

^[1]

96,118

Issuance of common stock upon exercise of stock options

410

Stock-based charitable contribution (in shares)

^[1]

321,019

Stock-based charitable contribution

11,168

Stock-based compensation

910,320

Change in accumulated other comprehensive income (loss), net of tax

(410)

Ending balance (in shares) at Jun. 30, 2025

^[1]

370,776,813

Ending balance at Jun. 30, 2025

$ 1,428,098

$ 31

^[1]

4,702,788

(3,274,605)

(116)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock, outstanding (in shares)

^[1]

370,776,813

Ending balance (in shares) at Sep. 30, 2025

Ending balance at Sep. 30, 2025

$ 0

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Net income (loss)

(54,722)

Issuance of common stock in connection with initial public offering and upon exercise of warrants (in shares)

^[1]

785,350

Conversion of redeemable convertible preferred stock to common stock in connection with initial public offering (in shares)

^[1]

258,667,796

Issuance of common stock upon settlement of restricted stock units, net of shares withheld (in shares)

^[1]

1,191,294

Issuance of common stock upon settlement of restricted stock units, net of shares withheld

(25,453)

Forfeiture of restricted stock (in shares)

^[1]

(64,867)

Issuance of common stock upon exercise of stock options (in shares)

^[1]

1,729,075

Issuance of common stock upon exercise of stock options

9,798

Stock-based compensation

85,516

Change in accumulated other comprehensive income (loss), net of tax

$ 37

Ending balance (in shares) at Sep. 30, 2025

374,417,665

^[1]

Ending balance at Sep. 30, 2025

$ 1,443,274

$ 31

^[1]

$ 4,772,649

$ (3,329,327)

$ (79)

Increase (Decrease) in Stockholders' Equity [Roll Forward]

Common stock, outstanding (in shares)

374,417,665

^[1]

[1]

CREDIT OBLIGATIONS (Tables)

9 Months Ended

Sep. 30, 2025

Credit Loss [Abstract]

Schedule of Financing Receivable

Below is a summary of the changes in allowance for expected credit losses on MyPay loans held for investment:


	Nine Months Ended September 30,
Balance, beginning of the period	$	30,649
Provision for expected credit losses	59,983
Amounts written off	(11,397)
Recoveries collected	48
Balance, end of the period	$	79,283

Schedule of Product Obligation Reconciliation

The following table presents a reconciliation of the Company’s product obligation:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2025		2024		2025		2024
Balance, beginning of the period		$	138,979	$	91,280	$	114,377	$	88,600
Change in fair value of product obligation(1)		(2,004)		9,875		41,575		40,890
Settlements		(2,673)		(5,462)		(21,650)		(33,797)
Balance, end of the period		$	134,302	$	95,693	$	134,302	$	95,693

__________________

(1)In the three and nine months ended September 30, 2025, $24.3 million and $81.0 million was recorded as transaction and risk losses for SpotMe and other member negative balances, $29.6 million and $99.1 million was recorded as transaction and risk losses for off-balance sheet MyPay receivables, and $54.7 million and $141.9 million of the change in fair value of the product obligation was recorded as revenue related to off-balance sheet MyPay receivables on the condensed consolidated statements of operations. In the three and nine months ended September 30, 2024, $20.5 million and $59.0 million was recorded as transaction and risk losses for SpotMe and other member negative balances, $13.2 million and $19.8 million was recorded as transaction and risk losses for off-balance sheet MyPay receivables, and $23.8 million and $37.8 million of the change in fair value of the product obligation was recorded as revenue related to off-balance sheet MyPay receivables on the condensed consolidated statements of operations.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Redeemable convertible preferred stock, par value (in usd per share)	$ 0.0001
Redeemable convertible preferred stock, authorized (in shares)	0	258,613,394
Redeemable convertible preferred stock, issued (in shares)	0	258,464,156
Redeemable convertible preferred stock, outstanding (in shares)	0	258,464,156
Redeemable convertible preferred stock, liquidation preference		$ 2,894,515
Preferred stock, par value (in usd per share)	$ 0.0001
Preferred stock, authorized (in shares)	100,000,000	0
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in usd per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	0	416,094,141
Common stock, issued (in shares)	0	66,950,736
Common stock, outstanding (in shares)	0	66,950,736
Common Class A
Common stock, par value (in usd per share)	$ 0.0001
Common stock, authorized (in shares)	5,000,000,000	0
Common stock, issued (in shares)	342,235,376	0
Common stock, outstanding (in shares)	342,235,376	0
Common Class B
Common stock, par value (in usd per share)	$ 0.0001
Common stock, authorized (in shares)	65,000,000	0
Common stock, issued (in shares)	32,182,289	0
Common stock, outstanding (in shares)	32,182,289	0
Common Class C
Common stock, par value (in usd per share)	$ 0.0001
Common stock, authorized (in shares)	500,000,000	0
Common stock, issued (in shares)	0	0
Common stock, outstanding (in shares)	0	0

REDEEMABLE CONVERTIBLE PREFERRED STOCK, COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

REDEEMABLE CONVERTIBLE PREFERRED STOCK, COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT)

Common Stock

As of December 31, 2024, the Company’s amended and restated certificate of incorporation authorized the Company to issue 416,094,141 shares of $0.0001 par value common stock, of which 66,950,736 shares were issued and outstanding. The holder of each share of common stock had the right to one vote for each such share.

In connection with the completion of the IPO on June 13, 2025, the Company filed its Charter, which authorizes three classes of $0.0001 par common stock: 5.0 billion shares of Class A common stock, 65.0 million shares of Class B common stock and 500.0 million shares of Class C common stock. As of September 30, 2025, the Company had 342,235,376 shares of Class A common stock, 32,182,289 shares of Class B common stock, and no shares of Class C common stock issued and outstanding.

The rights of the holders of Class A common stock, Class B common stock, and Class C common stock are identical, except with respect to voting and conversion. Each share of Class A common stock is entitled to one vote

per share. Each share of Class B common stock is entitled to 20 votes per share and is convertible at any time into one share of Class A common stock. Shares of Class C common stock have zero voting rights, except as otherwise required by law. Common stockholders are entitled to dividends when and if declared by the board of directors. There were no dividends declared or paid to common stockholders during the three and nine months ended September 30, 2025 and 2024.

Redeemable Convertible Preferred Stock

Immediately prior to the completion of the Company’s IPO, all of the Company’s then-outstanding shares of redeemable convertible preferred stock were automatically converted into 258,667,796 shares of common stock and, in connection with the IPO, all shares of voting common stock underlying the redeemable convertible preferred stock were reclassified into an equivalent number of shares of Class A common stock. The holders of the Company’s redeemable convertible preferred stock had certain voting, dividend, and redemption rights, as well as liquidation preferences and conversion privileges, in respect of the redeemable convertible preferred stock. All of such rights, preferences, and privileges associated with the redeemable convertible preferred stock were terminated at the time of the Company’s IPO in conjunction with the conversion mentioned above.

The following table summarizes redeemable convertible preferred stock as of December 31, 2024 and immediately prior to the conversion into common stock upon completion of the IPO:


Class	Shares Authorized	Shares Issued and Outstanding	Per Share Liquidation Preference		Aggregate Liquidation Preference		Per Share Dividend Per Annum		Carrying Value, Net of Issuance Costs
Series Seed	8,447,522	8,447,522	$	0.172000	$	1,453	$	0.01032	$	1,437
Series A	22,879,812	22,879,812	0.272000		6,223		0.01632		6,109
Series A-2	18,051,770	18,051,770	0.259180		4,679		0.01555		4,604
Series B	28,863,992	28,863,992	0.470340		13,576		0.02822		12,615
Series C	31,700,221	31,700,221	2.125790		67,388		0.17006		67,266
Series C-1	770,230	770,230	2.125790		1,637		0.17006		36
Series D	76,687,100	76,687,100	5.224700		400,667		0.41798		400,420
Series E	40,551,970	40,551,970	17.261800		700,000		1.38090		699,674
Series F	14,662,469	14,513,241	40.920800		593,893		3.27370		593,608
Series G	15,998,308	15,998,298	69.069800		1,104,999		5.52560		1,104,352
Total	258,613,394	258,464,156			$	2,894,515			$	2,890,121

Preferred Stock

In connection with the Company’s IPO, the Charter became effective which authorized the issuance of 100.0 million shares of preferred stock with a par value of $0.0001 per share with rights and preferences, including voting rights, designated from time to time by the Company’s board of directors.

Common Stock Warrants

The Company has issued warrants to purchase its common stock to non-employee service providers and others in connection with debt financings, credit facilities, and promissory notes. The Company recorded the warrants within stockholders’ equity.

As of December 31, 2024, there were 787,840 warrants outstanding and exercisable with a weighted average exercise price of $0.10 and a weighted average remaining life of 2.03 years. All warrants outstanding as of December 31, 2024 were exercised in the nine months ended September 30, 2025. As a result, 785,350 shares of Class A common stock were issued and there were no warrants outstanding as of September 30, 2025.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

STOCK-BASED COMPENSATION- Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 84,755	$ 10,134	$ 1,003,598	$ 21,728
Member support and operations
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	10,016	776	130,657	2,849
Sales and marketing
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	4,054	473	46,943	973
Technology and development
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	39,692	4,418	573,644	8,674
General and administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Total	$ 30,993	$ 4,467	$ 252,354	$ 9,232

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

COMMITMENTS AND CONTINGENCIES - Schedule of Lease Term and Discount Rate (Details)	Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining operating lease term (in years)	8 years 4 months 24 days
Weighted average discount rate	5.55%

STOCK-BASED COMPENSATION - 2025 Employee Stock Purchase Plan Narrative (Details) - Employee Stock	9 Months Ended
	Sep. 30, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant (in shares)	9,300,000
Maximum fair market value of stock at date of grant	1.00%
Percentage of eligible compensation	15.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SIGNIFICANT BALANCE SHEET COMPONENTS -Schedule of Accrued Transaction Dispute Losses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Loss Contingency Accrual [Roll Forward]
Accrued transaction dispute losses, beginning of the period	$ 9,919	$ 6,465	$ 7,759	$ 4,385
Provision for transaction dispute losses	17,003	11,331	48,048	35,456
Realized losses	(16,011)	(12,494)	(44,896)	(34,539)
Accrued transaction dispute losses, end of the period	$ 10,911	$ 5,302	$ 10,911	$ 5,302

SUBSEQUENT EVENTS (Details) - USD ($) $ in Millions	Dec. 31, 2025	Nov. 05, 2025
Forecast
Subsequent Event [Line Items]
Restructuring and related cost, expected cost	$ 32.7
Subsequent Event
Subsequent Event [Line Items]
Share repurchase program authorized, amount		$ 200.0

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Initial Public Offering

On June 13, 2025, the Company closed its initial public offering (“IPO”) of 36,800,000 shares of Class A common stock, including 6,099,235 shares sold by selling stockholders and 4,800,000 shares sold by the Company pursuant to the exercise of the option granted to the underwriters, at a public offering price of $27.00 per share. The total net proceeds the Company received in the IPO were approximately $770.6 million after deducting underwriting discounts and commissions of $43.5 million and offering expenses of $14.8 million.

In connection with the closing of the IPO, all shares of the Company’s outstanding redeemable convertible preferred stock automatically converted into a total of 258,667,796 shares of the Company’s common stock and all previously outstanding shares of the Company’s common stock, along with the 258,667,796 shares of common stock mentioned above, were automatically reclassified into an equivalent number of shares of the Company’s Class A common stock. Additionally, a total of 32,182,289 shares of Class A common stock held by Christopher Britt, the Company’s Chief Executive Officer and Chairman, and Ryan King, a member of the Company’s Board of Directors (the “Co-Founders”) and their related entities were exchanged for an equivalent number of shares of Class B common stock pursuant to the terms of certain exchange agreements.

In connection with the IPO, the Company filed its Amended and Restated Certificate of Incorporation (the “Charter”), which authorizes a total of 5.0 billion shares of Class A common stock, 65.0 million shares of Class B common stock, 500.0 million shares of Class C common stock, and 100.0 million shares of preferred stock.

Basis of Presentation and Principles of Consolidation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited annual consolidated financial statements for the year ended December 31, 2024 included in the Company’s final prospectus for its IPO dated June 11, 2025 and filed with the SEC pursuant to Rule 424(b)(4) under the Securities Act of 1934 on June 12, 2025 (the “Final Prospectus”). As of September 30, 2025, there have been no material changes in the Company’s significant accounting policies from those that were disclosed in its audited annual consolidated financial statements for the year ended December 31, 2024. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, including those of a normal and recurring nature, which are necessary for a fair presentation of the results for the interim period presented. The results of operations for interim periods are not necessarily indicative of results for the full year. The unaudited condensed consolidated financial statements include the accounts of the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated. The reporting currency of the Company is the U.S. Dollar.

Segment Reporting

The Company operates as a single operating segment and therefore, one reportable segment. The Company’s Chief Operating Decision Maker (“CODM”) is its chief executive officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources and evaluating the Company’s financial performance. The CODM assesses performance for the single segment and decides how to allocate resources based on net income or loss as reported on the condensed consolidated statements of operations as consolidated net income (loss). Revenue from external customers and significant segment expenses are presented in the Company's condensed consolidated statements of operations. The measure of segment assets is reported on the balance sheet as total consolidated assets. Substantially all long-lived assets are located in the United States, and all revenue is generated in the United States.

Use of Estimates

The preparation of these condensed consolidated financial statements requires management to make estimates and assumptions relating to reported amounts of assets, liabilities, revenues, and expenses. Significant estimates and assumptions include but are not limited to accrued transaction dispute losses, fair value of the product obligation, the allowance for expected credit losses, valuation of income taxes, the capitalization and estimated useful life of internal-use software, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, and the fair value of equity awards and stock-based compensation. These estimates are inherently subject to judgment. Actual results could differ from these estimates, and such differences may be material to the condensed consolidated financial statements.

Significant Accounting Policies

In addition to the significant accounting policies described in the Company’s final prospectus filed in connection with its IPO, our significant interim accounting policies include the following:

Outbound Instant Transfer Fees

The Company provides members the ability to instantly transfer funds from their Chime account to an external account at a fixed rate. The Company is the principal in these arrangements, as it controls the transfer service before it is provided to the member. In partnership with its bank partners, card networks, and processors, the Company's performance obligation is to authorize and make funds instantly available in the member's external designated account. Revenue is recognized at a point in time on a gross basis when the transfer of funds is completed. Fees are remitted to the Company through its bank partners, generally collected monthly in arrears.

Stock-Based Compensation

RSUs

The Company primarily grants service-based restricted stock units (“RSUs”) which vest upon the satisfaction of both a service condition and a liquidity condition. The service condition for these awards is generally satisfied over four years while the liquidity condition is satisfied upon the occurrence of a change in control of the Company or the consummation of an initial public offering of the Company’s equity securities, as defined in the applicable RSU agreements.

The Company measures RSUs based on the fair value of the underlying common stock on the date of grant. Up until the IPO, the Company had not recognized any stock-based compensation expense related to RSUs as the liquidity condition had not been satisfied. Upon consummation of the IPO, the Company recorded cumulative stock-based compensation expense using the accelerated attribution method for those RSUs for which the service condition had been satisfied prior to the occurrence of the liquidity event. The Company will record the remaining unrecognized stock-based compensation expense over the remainder of the requisite service period. For RSUs granted after the IPO, the Company will record stock-based compensation on a straight-line basis over the requisite service period.

PSUs

Performance-based PSUs

The Company granted restricted stock units with a service condition, a liquidity condition, and other operational performance-based vesting conditions. The awards are measured at fair value of the underlying common stock on the date of grant. Upon consummation of the IPO, the Company recorded cumulative stock-based compensation expense using the accelerated attribution method for those awards that are expected to vest based on the probability of achieving the performance criteria. The Company will record the remaining unrecognized expense over the remainder of the expected achievement period for the performance conditions of the awards.

Market-based PSUs

In addition, the Company granted restricted stock units with a service condition, a liquidity condition, and a stock price hurdle market-based vesting condition. The awards are measured at fair value on the date of grant using a Monte Carlo valuation model which incorporates various assumptions including expected stock price volatility, expected term, risk-free interest rates, expected date of a qualifying event, and expected Company valuation amounts. The Company records stock-based compensation expense for such awards using the accelerated attribution method over the requisite service period. The Company determines the requisite service period by comparing the derived service period to achieve the market-based vesting condition and the explicit time-based service period, using the longer of the two service periods as the requisite service period.

Accounts Receivable, Net

Accounts receivable, net consisted of the following as of the following dates:


	September 30, 2025		December 31, 2024
Receivables due from bank partners(1)	$	97,867	$	97,994
Network incentive receivable	128,746		111,097
Other receivables	11,039		7,070
Accounts receivable, net	$	237,652	$	216,161

_________________

Concentrations of Credit Risk

Financial instruments that potentially expose the Company to concentration of credit risk consist of cash and cash equivalents, product collateral, marketable securities, and accounts receivable. The Company’s cash equivalents are invested in interest-bearing money market funds that invest in a portfolio of short-term U.S. government obligations, which include U.S. Treasuries and other securities issued or guaranteed by the U.S. government. The Company does not hold or issue financial instruments for trading purposes. Cash on deposit with financial institutions may, at times, exceed federally insured limits. Management believes that these financial institutions are financially sound and, accordingly, minimal credit risk exists.

As of September 30, 2025 and December 31, 2024, the Company had 100% of its product collateral with two bank partners based on contractual agreements with each bank partner.

As of September 30, 2025 and December 31, 2024, there were no concentrations of investments in securities of the same issuer, except for U.S. government securities, which amounted to $621.1 million and $352.6 million, or 98% and 96%, of the investments in marketable securities. All debt securities within the Company’s portfolio are investment-grade securities.

As of September 30, 2025, the Company had receivables outstanding from two bank partners, that represent 42% of receivables collectively (25% and 17% for each respective bank partner), and one card network partner that represented 53% of receivables. As of December 31, 2024, the Company had receivables outstanding from two bank partners, that represent 45% of receivables collectively (25% and 20% for each respective bank partner), and one card network partner that represented 50% of receivables.

Recently Issued Accounting Pronouncements Not Yet Adopted

In December 2023, FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Tax Disclosures. This ASU expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid. The update will be effective on a prospective basis for annual periods beginning after December 15, 2024. Upon adoption of this ASU, the Company expects to include certain additional disclosures in the effective income tax rate reconciliation in the notes to the consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses, which requires disclosure of additional information about specific expense categories underlying certain income statement expense line items. Additionally, in January 2025, the FASB issued ASU 2025-01 to clarify the effective date of ASU 2024-03. This ASU is effective for annual periods beginning after December 15, 2026 and requires either prospective or retrospective application. The Company is currently evaluating the impact of the ASU on its disclosures.

In July 2025, the FASB issued ASU 2025-05, Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides for a practical expedient to estimate credit losses related to accounts receivable and contract assets from revenue contracts accounted for in accordance with ASC 606 using information as of the balance sheet date. This ASU is effective for annual periods beginning after December 15, 2025 and early adoption is permitted. The Company is currently evaluating the impact of this ASU on its financial statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Targeted Improvements to the Accounting for Internal-Use Software. This ASU makes targeted improvements to the accounting for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. This ASU is effective for annual reporting periods beginning after December 15, 2027 and provides for adoption on a prospective basis, with retrospective or modified retrospective application permitted. The Company is currently evaluating the impact of this ASU on its financial statements and related disclosures.

STOCK-BASED COMPENSATION - Schedule of RSAs, RSUs, and PSUs (Details) - $ / shares	1 Months Ended		9 Months Ended
	Apr. 30, 2025	Jun. 30, 2024	Sep. 30, 2025
Number of Shares
Forfeited/Cancelled (in shares)			0
Service-based RSAs
Number of Shares
Unvested, beginning balance (in shares)			799,822
Granted (in shares)			0
Vested (in shares)			(199,952)
Forfeited/Cancelled (in shares)			(38,806)
Unvested, ending balance (in shares)			561,064
Weighted-average grant date fair value per share
Unvested, beginning balance (in usd per share)			$ 23.25
Granted (in usd per share)			0
Vested (in usd per share)			23.25
Forfeited/Cancelled (in usd per share)			23.25
Unvested, ending balance (in usd per share)			$ 23.25
Performance-based RSAs
Number of Shares
Unvested, beginning balance (in shares)			509,186
Granted (in shares)			0
Vested (in shares)			0
Forfeited/Cancelled (in shares)			(26,061)
Unvested, ending balance (in shares)			483,125
Weighted-average grant date fair value per share
Unvested, beginning balance (in usd per share)			$ 23.25
Granted (in usd per share)			0
Vested (in usd per share)			0
Forfeited/Cancelled (in usd per share)			23.25
Unvested, ending balance (in usd per share)			$ 23.25
Service-based RSUs
Number of Shares
Unvested, beginning balance (in shares)			39,328,435
Granted (in shares)			12,846,431
Vested (in shares)			(218,051)
Vested and settled (in shares)			(27,594,299)
Forfeited/Cancelled (in shares)			(2,059,172)
Unvested, ending balance (in shares)			22,303,344
Weighted-average grant date fair value per share
Unvested, beginning balance (in usd per share)			$ 24.18
Granted (in usd per share)			28.45
Vested (in usd per share)			24.59
Vested and settled (in usd per share)			26.06
Forfeited/Cancelled (in usd per share)			22.97
Unvested, ending balance (in usd per share)			$ 24.43
Performance-based PSUs
Number of Shares
Unvested, beginning balance (in shares)			1,929,943
Granted (in shares)	4,800,000	1,929,943	4,800,000
Vested (in shares)			0
Forfeited/Cancelled (in shares)			(60,646)
Unvested, ending balance (in shares)			6,669,297
Weighted-average grant date fair value per share
Unvested, beginning balance (in usd per share)			$ 23.25
Granted (in usd per share)			28.10
Vested (in usd per share)			0
Forfeited/Cancelled (in usd per share)			23.25
Unvested, ending balance (in usd per share)			$ 26.74
Unvested service-based RSUs
Weighted-average grant date fair value per share
Shares issued net of shares for tax withholdings (in shares)			12,999,422

REDEEMABLE CONVERTIBLE PREFERRED STOCK, COMMON STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT) (Tables)

9 Months Ended

Sep. 30, 2025

Equity [Abstract]

Schedule of Redeemable Convertible Preferred Stock Conversion into Common Stock

The following table summarizes redeemable convertible preferred stock as of December 31, 2024 and immediately prior to the conversion into common stock upon completion of the IPO:


Class	Shares Authorized	Shares Issued and Outstanding	Per Share Liquidation Preference		Aggregate Liquidation Preference		Per Share Dividend Per Annum		Carrying Value, Net of Issuance Costs
Series Seed	8,447,522	8,447,522	$	0.172000	$	1,453	$	0.01032	$	1,437
Series A	22,879,812	22,879,812	0.272000		6,223		0.01632		6,109
Series A-2	18,051,770	18,051,770	0.259180		4,679		0.01555		4,604
Series B	28,863,992	28,863,992	0.470340		13,576		0.02822		12,615
Series C	31,700,221	31,700,221	2.125790		67,388		0.17006		67,266
Series C-1	770,230	770,230	2.125790		1,637		0.17006		36
Series D	76,687,100	76,687,100	5.224700		400,667		0.41798		400,420
Series E	40,551,970	40,551,970	17.261800		700,000		1.38090		699,674
Series F	14,662,469	14,513,241	40.920800		593,893		3.27370		593,608
Series G	15,998,308	15,998,298	69.069800		1,104,999		5.52560		1,104,352
Total	258,613,394	258,464,156			$	2,894,515			$	2,890,121

- Definition

Tabular disclosure of temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights issue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (54,722)	$ (22,026)	$ (965,159)	$ (5,738)
Other comprehensive income (loss):
Net unrealized gain on marketable securities, net of tax	915	3,545	245	2,067
Foreign currency translation adjustments	(878)	81	(527)	(147)
Total comprehensive loss	$ (54,685)	$ (18,400)	$ (965,441)	$ (3,818)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company leases certain property under operating leases that expire at various dates. The most significant of these operating leases is the corporate headquarters in San Francisco, California. For the three and nine months ended September 30, 2025, rent expense for all operating leases was $3.7 million and $9.1 million. For the three and nine months ended September 30, 2024, rent expense for all operating leases was $2.8 million and $8.1 million.

In April 2025, the Company entered into a lease for office space at 122 Fifth Avenue, New York, New York with a commencement date based on delivery of the premises in agreed-upon condition. The lease has a term of 11 years, 2 months from the commencement date. Base rent payments are approximately $7.5 million annually for the first six years and $8.2 million annually for the remainder of the term, subject to a rent abatement period of fourteen months beginning on the commencement date. The lease commenced on August 1, 2025.

The Company’s operating lease costs are as follows:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2025		2024		2025		2024
Fixed operating lease costs		$	3,616	$	2,539	$	8,887	$	7,554
Variable operating lease costs		1,964		1,770		5,640		5,473
Short-term lease cost		44		222		260		535
Sublease income		(228)		(221)		(677)		(657)
Total lease cost		$	5,396	$	4,310	$	14,110	$	12,905

Variable operating lease costs are primarily related to payments made to the Company’s landlords for common area maintenance, property taxes, insurance, and other operating expenses.

The Company’s lease agreements do not contain any residual value guarantees or material restrictive covenants.

The weighted average remaining operating lease term and the weighted average discount rate used in the calculation of the Company’s lease assets and lease liabilities were as follows:


	September 30, 2025
Weighted average remaining operating lease term (in years)	8.4
Weighted average discount rate	5.55	%

Cash flows related to leases were as follows:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2025		2024		2025		2024
Operating cash flows:
Payments for operating lease liabilities		$	4,972	$	4,263	$	14,782	$	12,749

Future minimum lease payments under non-cancelable operating leases (with initial lease terms in excess of one year) as of September 30, 2025 were as follows:


Remainder of 2025	$	4,984
2026	15,741
2027	21,005
2028	20,545
2029	20,936
2030	21,337
Thereafter	73,063
Total lease payments	$	177,611
Less: imputed interest	39,848


Total operating lease liabilities	$	137,763

Contingencies

In the ordinary course of business, the Company may be subject to various legal proceedings, including, from time to time, actions which are asserted to be maintainable as class action suits, and is at times subjected to government and regulatory proceedings, investigations and inquiries. The Company reviews these matters on an ongoing basis to determine whether it is probable and estimable that a loss has occurred and uses that information when making accrual and disclosure decisions. If the potential loss is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. Loss contingencies that are reasonably possible of occurrence, if any, are subject to disclosure.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 05, 2025
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
Document Transition Report	false
Entity File Number	001-42693
Registrant Name	Chime Financial, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-0925388
Entity Address, Address Line One	101 California Street
Entity Address, Address Line Two	Suite 500
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94111
City Area Code	844
Local Phone Number	244-6363
Title of 12(b) Security	Class A common stock, $0.0001 par value per share
Trading Symbol	CHYM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Central Index Key	0001795586
Amendment Flag	false
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Common Class A
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		342,395,697
Common Class B
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		32,182,289

MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

The following tables summarize the amortized cost, gross unrealized gains and losses, and fair value of the Company’s available for sale (“AFS”) securities aggregated by investment category:


	September 30, 2025
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Total Estimated Fair Value
Marketable securities:
U.S. government securities	$	620,142	$	1,012	$	(9)	$	621,145
U.S. agency securities	12,581		12		—		12,593




Total marketable securities	$	632,723	$	1,024	$	(9)	$	633,738


	December 31, 2024
	Cost or Amortized Cost		Unrealized Gains		Unrealized Losses		Total Estimated Fair Value
Marketable securities:
U.S. government securities	$	351,930	$	707	$	(10)	$	352,627
U.S. agency securities	16,189		73		—		16,262




Total marketable securities	$	368,119	$	780	$	(10)	$	368,889

As of September 30, 2025 and December 31, 2024, the Company had 5 and 4 marketable securities positions in an unrealized loss position. The unrealized losses above were as a consequence of interest rate changes. The Company does not intend to sell nor anticipate that it will be required to sell these securities before recovery of the amortized cost basis. Unrealized losses on available-for-sale debt securities were determined not to be related to credit related losses, therefore, no allowance for credit losses was recorded. The cost of securities sold is based on the specific-identification method. There were no material realized gains or losses from marketable securities that were reclassified out of accumulated other comprehensive income for the three and nine months ended September 30, 2025 and 2024.


	September 30, 2025
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable securities:
U.S. government securities	$	27,676	$	(9)	$	—	$	—	$	27,676	$	(9)




Total	$	27,676	$	(9)	$	—	$	—	$	27,676	$	(9)


	December 31, 2024
	Less than 12 months				Greater than 12 months				Total
	Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses		Fair Value		Gross Unrealized Losses
Marketable securities:
U.S. government securities	$	19,951	$	(10)	$	—	$	—	$	19,951	$	(10)



Total	$	19,951	$	(10)	$	—	$	—	$	19,951	$	(10)

The following table summarizes the Company’s marketable securities by contractual maturity:


	As of September 30, 2025
	Amortized Cost		Fair Value
Within one year	$	499,362	$	500,046
After one year to five years	133,361		133,692
Total	$	632,723	$	633,738

STOCK-BASED COMPENSATION - Schedule of Weighted-Average Assumptions (Details) - Market-based PSUs	9 Months Ended
	Sep. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	63.70%
Risk-free interest rate	3.92%
Expected dividend yield	0.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2025

Accounting Policies [Abstract]

Schedule of Accounts Receivable

Accounts receivable, net consisted of the following as of the following dates:


	September 30, 2025		December 31, 2024
Receivables due from bank partners(1)	$	97,867	$	97,994
Network incentive receivable	128,746		111,097
Other receivables	11,039		7,070
Accounts receivable, net	$	237,652	$	216,161

_________________

Loans held for investment, net consisted of the following:


	September 30, 2025		December 31, 2024
Loans held for investment	$	188,279	$	130,448
Less: allowance for expected credit losses	(79,283)		(30,649)
Total loans held for investment, net	$	108,996	$	99,799

COMMITMENTS AND CONTINGENCIES - Schedule of Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Fixed operating lease costs	$ 3,616	$ 2,539	$ 8,887	$ 7,554
Variable operating lease costs	1,964	1,770	5,640	5,473
Short-term lease cost	44	222	260	535
Sublease income	(228)	(221)	(677)	(657)
Total lease cost	$ 5,396	$ 4,310	$ 14,110	$ 12,905

CREDIT OBLIGATIONS

9 Months Ended

Sep. 30, 2025

Credit Loss [Abstract]

CREDIT OBLIGATIONS

The Company has credit obligations related to both on- and off-balance sheet receivables from members. Credit obligations related to MyPay loans held for investment on the Company’s balance sheets are recorded as an allowance for expected credit losses. Future expected cash flows, including credit obligations related to MyPay receivables retained by the bank partners, SpotMe, and other instances where a member’s account is overdrawn are recorded as a product obligation on the condensed consolidated balance sheets.

MyPay receivables on the Company’s balance sheet have the risks and characteristics similar to the off-balance sheet balances retained by the bank partners and similar risk characteristics were applied consistently for the products during underwriting. Accordingly, the credit exposure is expected to be similar for these obligations.

Allowance for Expected Credit Losses

The allowance for expected credit losses on loans held for investment reflects the Company’s estimate of uncollectible balances resulting from credit losses and is based on the determination of the amount of lifetime expected credit losses inherent in the loans held for investment as of the reporting date. The Company measures the allowance for expected credit losses based on a discounted cash flow method, where future cash flows estimated using the roll rate method are discounted. Historical data is categorized into pools with similar risk characteristics, and roll rates are calculated based on the vintage loans held for investment origination, defined as by month. This results in an expected loss rate for each vintage. The Company considers whether the current conditions and reasonable and supportable forecasts about future conditions indicate that expected loss rates derived based on historical experience merit adjustment. In assessing such adjustments, the Company evaluates factors such as unemployment rates, short-term economic trends, and cash collections subsequent to the balance sheet date. The expected loss rate is then applied to the outstanding principal balance of each vintage at the end of the period, resulting in the recognition of the expected loss at period-end. The allowance for expected credit loss is recorded against loans held for investment, along with a corresponding charge recorded within transaction and risk losses in the consolidated statement of operations. In general, loans held for investment are charged-off after 365 days of non-payment. At each reporting period, the Company adjusts the allowance for changes in the estimate of lifetime expected credit losses and reverses the allowance upon either payment of the loans held for investment or upon charge-off.

Below is a summary of the changes in allowance for expected credit losses on MyPay loans held for investment:


	Nine Months Ended September 30,
Balance, beginning of the period	$	30,649
Provision for expected credit losses	59,983
Amounts written off	(11,397)
Recoveries collected	48
Balance, end of the period	$	79,283

Product Obligation

The following table presents a reconciliation of the Company’s product obligation:


	Three Months Ended September 30,			Nine Months Ended September 30,
		2025		2024		2025		2024
Balance, beginning of the period		$	138,979	$	91,280	$	114,377	$	88,600
Change in fair value of product obligation(1)		(2,004)		9,875		41,575		40,890
Settlements		(2,673)		(5,462)		(21,650)		(33,797)
Balance, end of the period		$	134,302	$	95,693	$	134,302	$	95,693

__________________

The Company’s maximum exposure to losses under its product obligation was $662.6 million and $454.3 million as of September 30, 2025 and December 31, 2024, which represent the total possible undiscounted amounts the Company could be required to pay, assuming no recoveries.

- Definition

The entire disclosure for credit loss on financial instrument measured at amortized cost basis, net investment in lease, off-balance sheet credit exposure, and available-for-sale debt security.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-42

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 44
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481962/310-10-50-44

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-21

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479106/326-30-50-7

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479319/326-20-50-20

+ Details