Chime Taps Morgan Stanley For Leadership In Upcoming IPO

Chime Financial is reportedly planning to select Morgan Stanley to lead its initial public offering (IPO), which is set for 2025. Chime has yet to officially confirm these reports, as the company declined to comment when reached. Similarly, Morgan Stanley did not immediately respond to requests for comment on the matter.

Chime was valued at $25 billion during the funding boom in 2021 and has since been considered a strong IPO candidate.

The Company Stopped Its IPO Plans In February 2022 Because Of FinTech Decline

Sources revealed that the FinTech company intends to go public in 2025. However, as of March, Chime had not yet engaged any banks to lead the IPO process.

Chime’s co-founder Chris Britt had previously stated in December that the company was “as IPO-ready as a company can be.” He also noted that the business was closely monitoring the economic and stock market conditions.

However, Chime was forced to put its earlier IPO plans on hold in February 2022 due to what was described as a “FinTech winter,” according to a November 2022 report.

In August, Chime expanded its partnership with NCR Atleos, a self-service banking provider. This collaboration will see NCR Atleos brand 4,000 ATMs at Walgreens stores with Chime’s logo, aiming to enhance the company’s visibility among consumers.

Nick Fairbairn, Chime’s Vice President of Marketing, said this partnership is very important to help Chime members who like using mobile-first services. He also noted that members want to get their cash easily without paying fees when they need it.

Chime’s users enjoy the simple and mobile-friendly way of using Chime, but they still want quick and free access to cash, according to Fairbairn. This partnership with Atleos has made it easier for members to get cash when needed.

Earlier in June, Chime made another big move by buying Salt Labs, a company that gives rewards to workers. Buying Salt Labs would help Chime grow faster by working with more employers.

Chime’s MyPay Service Gives Users More Control And Flexibility With Their Money

Chime’s Chief Operating Officer, Mark Troughton, stated that the firm plan to use Salt Labs’ connections with employers to introduce many more people to Chime’s services. The company wants to build on the Chime MyPay earned wage access program to better meet the needs of all its clients.

Chime’s MyPay service, which launched in May, lets Chime members get between $20 and $500 of their paycheck before payday. The company explained that this service gives people more control and flexibility with their money, allowing them to access their earnings early.

While Chime has yet to make any official announcements regarding its IPO, some sources think Morgan Stanley will likely lead the process. As Chime keeps growing through partnerships and purchases, it looks ready for even more success ahead of its planned public offering in 2025.