Chime: No Comment on Report That Morgan Stanley Will Lead IPO

Chime Financial reportedly selected Morgan Stanley to lead its initial public offering (IPO).

The FinTech company aims to go public in 2025, Bloomberg reported Thursday (Sept. 26), citing unnamed sources.

Reached by PYMNTS, Chime declined to comment on the report.

Morgan Stanley did not immediately reply to PYMNTS’ request for comment.

Chime was valued at $25 billion during the funding boom in 2021 and has been seen as a potential IPO candidate, according to the Bloomberg report.

It was reported in March that Chime was planning to go public in 2025 but had not yet engaged banks for the IPO.

Chime co-founder Chris Britt said in December that the company was “as IPO-ready as a company can be” and was monitoring the conditions of the economy and the stock market.

Chime put earlier IPO plans on hold in February 2022 as the industry entered a “FinTech winter,” PYMNTS reported in November 2022.

In August, Chime expanded its relationship with self-service banking provider NCR Atleos in a collaboration that will see Atleos brand ATMs at 4,000 Walgreens stores with the Chime brand to increase customer awareness.

When announcing the expanded partnership, Chime Vice President of Marketing Nick Fairbairn said: “Our members love the mobile-first convenience and ease of Chime, but they still expect convenient, fee-free access to cash. This partnership with Atleos has ensured our members have easy access to cash when they need it…”

In June, Chime acquired Salt Labs, an enterprise technology company whose flagship product is an employee rewards benefit, saying the move would accelerate Chime’s growth through the employer channel.

“Through this acquisition, we will aim to partner directly with employers to reach millions of consumers and introduce them to the Chime platform,” Chime Chief Operating Officer Mark Troughton said at the time. “We look forward to leveraging Salt Labs’ existing relationships with employers and building upon the Chime MyPay earned wage access platform to further address the needs of everyday people.”

MyPay was unveiled in May, with the company saying this earned wage access offering allows Chime members to access between $20 and $500 of their pay before payday each pay period.