Chime’s IPO is more like a secure base camp than a flag planted atop Everest. The IPO will renew VC interest in fintech—but the money won’t go to new neobanks.

Chime Financial Inc. jumped as much as 66% in its trading debut after raising $864 million in an initial public offering priced above the marketed range.

Over the last couple of weeks, fintech companies Circle Internet Group (NYSE: CRCL) and Chime Financial (NASDAQ: CHYM) completed their IPOs. Despite the turbulence weighing on the stock market, both Circle and Chime have witnessed skyrocketing share prices since going public.