As expected, ServiceTitan's highly successful IPO has inspired other fintech companies to move forward with their own public debuts. Digital bank Chime has filed confidential documents with the SEC, Bloomberg reports. The company has been preparing for this moment since hiring banker Morgan Stanley in September, aiming for an IPO in 2025.
The IPO won't become a reality until those documents are made public and institutional investors agree to buy at Chime's desired price. That may be a tall order. Chime was last valued at $25 billion when it raised $1 billion at the height of the valuation frenzy in 2021, and has raised a total of $2.65 billion to date, according to Pitchbook estimates. . Investors include Forerunner Ventures, Menlo Ventures, Crosslink Capital, Sequoia, Softbank, Tiger, and more.
Chaim declined to comment.