Chime Financial Inc., a financial technology company focused on no-fee banking services, has submitted a confidential filing with the US government for its initial public offering, according to people familiar with the matter.

The company aims to go public in 2025, said the people, who asked not to be identified because the information is private. The IPO timing is not finalized and the plans could still change, they added.

Chime provides a digital-first mobile banking offering, though it does not operate as a bank itself, and is among a wave of such companies that have emerged around the world in recent years. Using an asset-light approach that cuts the cost of branches and staffing helps these businesses, such as Monzo Bank Ltd. in the UK, to offer more attractive services than traditional banks.

A spokesperson for Chime declined to comment. The company has raised $2.65 billion to date, according to PitchBook data. Investors include Menlo Ventures, Forerunner Ventures, Sequoia Capital, Coatue Management and Acrew Capital.

San Francisco-based Chime gives users bank-like services 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. The company has also inked a deal with the NBA’s Dallas Mavericks that puts its logo on the team’s jerseys.

Chime scored a $25 billion valuation in 2021 at the peak of a technology boom that then faded as interest rates and inflation rose. Bloomberg previously reported that Chime hired Morgan Stanley for the lead underwriter position on its IPO, targeting 2025. The IPO market has shown signs of revival and optimism heading into next year, with companies in part buoyed by the positive stock market reaction to Donald Trump’s election as president.

— By Katie Roof and Paige Smith (Bloomberg News)