Chime Financial Inc., a financial technology business focused on fee-free services, has tapped Morgan Stanley to lead its initial public offering, according to people familiar with the matter.
The company is aiming to go public in 2025, according to the people, who asked not to be identified because the information is private. Still, the plans could change.
Representatives for San Francisco-based Chime and Morgan Stanley declined to comment.
The company offers bank-like services to consumers via an app, including checking and high-yield savings accounts. Earlier this year, Chime rolled out the option for customers to access as much as $500 of their paychecks before they arrive.
Chime has been a closely watched potential IPO candidate. It had been valued at $25 billion in 2021, when fintech peers were scoring sky-high valuations amid a funding boom driven by low interest rates.