$25 billion valuation Chime takes another step toward an IPO

As predicted, ServiceTitan’s wildly successful IPO is beckoning other fintechs to move forward on their own public debuts. Digital bank Chime has filed its confidential paperwork with the SEC, Bloomberg reports. It’s been prepping for this moment since it hired banker Morgan Stanley in September, with an eye to IPO in 2025.

The IPO won’t really be headed for reality until that paperwork becomes public and institutional investors agree to buy in at a price that Chime wants. That could be a tall order. Chime was last valued at $25 billion when it raised $1 billion in the height of the valuation frenzy of 2021, and has raised $2.65 billion total, PitchBook estimates. Its investors include Forerunner Ventures, Menlo Ventures, Crosslink Capital, Sequoia, SoftBank, Tiger Global, and many others.

Chime declined to comment.