Chime Financial reportedly submitted a confidential filing for an initial public offering (IPO).
The FinTech company plans to go public in 2025, though the timing of the IPO has not been finalized and could change, Bloomberg reported Wednesday (Dec. 18), citing unnamed sources.
Reached by PYMNTS, Chime declined to comment on the report.
The company was valued at $25 billion in 2021, but the technology boom that was happening at that time faded amid rising interest rates and inflation, according to the report.
It was reported in September that Chime selected Morgan Stanley to lead its IPO and aimed to go public in 2025.
The company has been considered an IPO candidate for years.
Chime put earlier IPO plans on hold in February 2022 as the industry entered a “FinTech winter.”
In December 2023, Chime Co-founder Chris Britt said that the company was “as IPO-ready as a company can be” and was monitoring the conditions of the economy and the stock market.
The company said in October that through its banking app’s free overdraft feature, SpotMe, Chime’s members have received a collective $30 billion since 2019 in overdrafts without having to pay a fee.
Noting that traditional banks typically charge $35 for an overdraft fee, Chime said by offering fee-free overdrafts with SpotMe, it is meeting the short-term liquidity needs of its users. SpotMe allows eligible members to overdraw their account by up to $200 without having to pay a fee.
In August, Chime announced an expanded collaboration with self-service banking provider NCR Atleos in which Atleos will brand ATMs at 4,000 Walgreens stores with the Chime brand to increase customer awareness.
Atleos’ Allpoint Network has provided ATM access for Chime members since 2021 at more than 50,000 fee-free ATMS.
Chime Vice President of marketing Nick Fairbairn said in an Aug. 7 press release: “Our members love the mobile-first convenience and ease of Chime, but they still expect convenient, fee-free access to cash. This partnership with Atleos has ensured our members have easy access to cash when they need it by simply stopping into their local Walgreens and even shopping for everyday essentials while they’re at it.”
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