Bloomberg reported on Friday that Chime is planning a 2025 IPO, according to “a person familiar with the matter.”
Chime is the largest consumer-facing fintech in the country and this blockbuster IPO has been anticipated ever since their massive 2021 funding round that valued the firm at $25 billion.
According to Ron Shevlin in an article yesterday, Chime has more primary accounts than Chase, with over 38 million customers. That would be more than the other top five fintech companies combined.
While Chime has not yet hired investment bankers, CEO Chris Britt did say in an interview back in December that the company is IPO-ready.
Given the scale that Chime is at today, it is inevitable that the company will go public at some point. But with the checkered history of other fintech IPOs the company is in no hurry to test those waters.
To be a large national brand, I think it is necessary for fintech companies to go public. It adds a level of gravitas and stability that can be obtained no other way.
Of course, it also gives employees and investors an opportunity for liquidity.
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