Digital-first mobile bank Chime Financial has reportedly filed for an IPO, according to sources cited by Bloomberg.
San Francisco-based Chime gives users bank-like services via an app, including checking, high-yield savings accounts and earned wage access.
Chime has reportedly hired Morgan Stanley to lead the offering with an ambition to go public in 2025.
Chime is considered the most popular neobank in the US, with over 23 million customers, nearly half of whom consider the neobank as their primary checking account provider. It makes most of its revenue from interchange fees, generating $1.3 billion in 2023.
The company, which has raised $2.65 billion to date, was valued at $25 billion at the height of the tech boom in 2021.