Chime Financial reportedly intends to launch its initial public offering (IPO) in 2025.
The FinTech company aims to do so in the United States but has not yet signed banks for the IPO, Bloomberg reported Friday March 22, citing anonymous sources.
Chime did not immediately respond to PYMNTS’ request for comment.
Chime has been considered an IPO candidate for years, according to the report. The company was valued at $25 billion in 2021, but then saw the tech boom fade as interest rates and inflation rose.
Chris Brittco-founder of Chime, said in December that the company was “as ready for an IPO as a company can be” and that it was monitoring conditions in the economy and stock market, according to the report .
Now, the IPO market is recovering after two down years, and technology companies are likely looking to accelerate IPO plans that they previously delayed, the report said.
It was reported in January 2022 that Chime was preparing for a IPO this was to happen the following spring.
However, the company has put its IPO the plan was suspended in February 2022 as the industry entered a “FinTech winter,” PYMNTS reported in November 2022.
At the time of publication of this report, Chime announced that it was reducing its staff with the aim of ensuring the long-term success of the company.
In an emailed statement to PYMNTS at the time, the company said it was focusing its organization on priorities based on current market dynamics.
“As a result, we are eliminating some positions, while continuing to recruit others,” Chime said. “We remain very well capitalized and these measures will continue to position us for sustained success. »
Most recently, on March 4, Chime said it had partnered with Upside down launch a free service cash back functionality. New Chime Deals allow Chime members to enjoy cash back opportunities on everyday spending.
On March 14, the company expanded the availability of free access to its in-app app. tax return pilot program. With this feature, eligible Chime members can file their state and federal taxes directly through the Chime app.
