Chime planning a potential 2025 IPO

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.

Featured

> Chime Financial Targets Public Listing in US in 2025

www.bloomberg.com?

Chime Financial Inc., a fintech firm taking aim at the bigger banks by offering fee-free services, is planning to list the company in the US next year, according to a person familiar with the matter.

From Fintech Nexus

> Latin America’s Banking as a Service Market to Reach $2B in 2024

By David Feliba

Banking-as-a-Service (BaaS) is growing in popularity in Latin America and is expected to surpass $2 billion in market size this year.

Podcast

> Julie Szudarek, CEO of Self Financial on building credit

The CEO of Self Financial talks about the importance of building a good credit score, financial literacy and how a credit…

?? Listen Now

Also Making News

• USA:?Is Chime Ready For An IPO? It Has More Primary Customers Than Chase Chime’s $25 billion valuation came in 2021 before fintech valuations declined in the absence of sustainable revenue and profitability. Chime has bucked that trend.

• Global:?Mastercard’s Partnership With Alipay Connects Digital Wallets to Cross-Border Payments Alan Marquard, head of transfer solutions at Mastercard, told PYMNTS that remittances are ripe for continued transformation — to digital channels, and to digital wallets, which make international fund flows cheaper, faster and more convenient.?

• USA:?Banks need to leverage big data to combat a surge in AI-enabled fraud Specialized large language models should be harnessed to help financial institutions identify and halt fraudulent activity. The best model would involve regulator-approved pooling of anonymized customer data.

• Europe:?Ireland’s fintech funding slumps 2023 saw a 94% decline in funding for Irish fintechs, according to recently published research.

• USA:?Banks balance cloud, cyber priorities with AI eagerness More than two-thirds of financial firms have made meaningful progress on core modernization, according to Broadridge data.

• UK:?UK’s OakNorth Bank Boosts Profit as Firm Kicks Off US Expansion OakNorth Bank Plc reported a 23% jump in pretax profit last year, driven by increased lending and the start of its US expansion.

• LatAm:?Delinquencies Topping 60% Spell Trouble for Brazil’s Fintechs Brazilian fintechs are getting hit by a wave of defaults on loans they made to customers that the nation’s bigger, legacy banks wouldn’t touch, causing risky layers of an asset-backed credit market to collapse.