CEO Chris Britt told CNBC that Chime has gained traction among Americans earning $100,000 or less annually.

Shares of Chime (CHYM) began trading at $43 on the Nasdaq on Thursday, a 59% increase from its initial offering price of $27.

The opening price values the digital bank at approximately $18.4 billion, up from its initial public offering (IPO) valuation of $11.6 billion.

By afternoon trade, Chime’s stock had pared some of its gains and was trading at around $39 per share. 

Late Wednesday, the company raised $864 million in an upsized offering ahead of the digital lender’s Nasdaq debut on Thursday. The company and its shareholders sold 32 million shares. The offering was priced slightly above the marketed range of $24 to $26 per share.

CEO Chris Britt told CNBC that Chime has gained traction among Americans earning $100,000 or less annually—a demographic often underserved by traditional banks.

“Two-thirds of our customer base use us as their direct deposit account and primary account relationship,” Britt said. “We help our members avoid fees, get access to short-term liquidity, build their credit, and build their savings — and it’s that combination of services that really resonates and matters most to the everyday consumer.”

Chime posted $25 million in adjusted profitability in the first quarter and improved its adjusted profit margin by 40 percentage points over the past two years, Britt said. 

According to its prospectus, the company generated $518.7 million in revenue in the most recent quarter, representing a 32% increase from the same quarter a year earlier. Net income fell to $12.9 million from $15.9 million in the prior year quarter.

Recent strong debuts such as Etoro (ETOR), Circle (CRCL), and Voyager Technologies (VOYG) have added to the momentum. 

Circle’s stock, which went public last week, has quadrupled from its offering price, while shares of Voyager, a space tech firm, more than doubled in their Wednesday debut. 

However, Etoro’s stock has fallen by around 8% since it was listed last month. 

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