Chime has reportedly held preliminary talks with investment banks about launching a stock market flotation, according to Reuters. The move is part of the company’s effort to capitalize on a boom in online banking during the pandemic.
Chime has emerged as one of the fastest-growing technology companies in the U.S. and last year, overtook brokerage Robinhood as the most valuable U.S fintech ‘unicorn.’
In September, Chime’s CEO, Chris Britt, said the company would be ready for an initial public offering in the next 12 months.
Britt said that Chime has “every intention of being a large, independent public company,” although he did not set a timeline.
The CEO pointed out that the company has benefited from increased consumer confidence in using digital platforms during the pandemic.
Chime has also attracted consumers by offering Americans early access to their stimulus checks.
Valued at $14.5 billion in a private fundraising round in September, Chime has raised over $1.5 billion in capital and has more than $1 billion of cash at its disposal.
Chime will be valued at more than $30 billion as soon as the end of 2021 after stock listing.
