San Francisco-based fintech Chime Financial has confidentially filed its initial public offering (IPO) with the US government, BNN Bloomberg reported citing undisclosed sources.
As per the sources, the exact timing of the IPO has not been decided.
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Chime has appointed Morgan Stanley to lead the IPO process, reported BNN Bloomberg in September this year, citing sources.
The company, valued at $25bn in 2021, is targeting a 2025 public debut.
Chime offers bank-like services through its app, including checking and high-yield savings accounts, without operating as a traditional bank.
It offers digital-first mobile banking services by leveraging an asset-light model to reduce costs and offer no-fee banking services.
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By GlobalDataEarlier this year, Chime introduced a feature allowing customers early access to up to $500 of their paychecks.
The company’s investors include Menlo Ventures, Forerunner Ventures, Sequoia Capital, Coatue Management, and Acrew Capital.
Chime holds its members’ account balances at regulated FDIC-insured institutions – The Bancorp Bank, N.A. and Stride Bank, N.A.
It operates with a business model designed to profit alongside its consumers rather than from them, avoiding common fees such as overdraft, monthly service, or minimum balance charges.
In June this year, Chime acquired Salt Labs, a technology company specialising in supporting hourly workers own the long-term value from their work.
The acquisition grants Chime access to Salt Labs’ established enterprise client base, unlocking new opportunities for primary account growth and additional revenue streams.
