Chime to go public

According to a report by Bloomberg, digital banking startup Chime has submitted a confidential filing for its initial public offering with the goal of going public in 2025.

Founded in 2013, Chime has raised $2.65 billion to date and was last valued at $25 billion. Northwestern Mutual Future Ventures, the venture arm of Northwestern Mutual, was one of Chime’s early backers.

In 2021, we reported that Chime was looking to do more around insurance by building its own insurance offerings “from the ground up.” However, the startup hasn’t offered anything beyond its existing model of referring users to a variety of insurance partners.

According to reports, Chime has about 7 million active users.