Chime's S-1: MyPay revenue totaled $64.3M in Q1 vs. estimated credit losses from the product of $57.3M, highlighting the risks with the paycheck advance product (Cory Weinberg/The Information)

Cory Weinberg / The Information:
Chime's S-1: MyPay revenue totaled $64.3M in Q1 vs. estimated credit losses from the product of $57.3M, highlighting the risks with the paycheck advance product  —  Last summer, banking app Chime introduced a lending product that let customers borrow small amounts to get them through to their next paycheck.