Already, 2025 is shaping up to be a monumental year for fintech, with several high-profile companies preparing to go public. And among the most anticipated IPOs are Klarna, Chime, Stripe, Plaid, and Revolut, all of which are making bold moves to solidify their market positions ahead of their debuts.
Klarna: A Major Player in Payments
Klarna, the Swedish buy-now-pay-later (BNPL) giant, is a fintech powerhouse gearing up for a 2025 IPO. According to its CEO, Klarna is targeting a Q1 2025 public debut and filed confidentially for an IPO on November 12, 2024. The confidential filing suggests that Klarna is on track for its U.S. listing, signaling a pivotal moment for the company as it continues to expand its global footprint.
In preparation for its IPO, Klarna has been strategically positioning itself for growth. Most notably, it announced a major new distribution partnership with Stripe, a fellow fintech unicorn. This partnership aims to expand Klarna’s reach by providing improved functionality for Stripe merchants, including the ability to A/B test Klarna’s offerings and measure real-time conversion rates. This deal follows Klarna’s decision last year to offload its online checkout business, Klarna Checkout, to a consortium of investors, allowing the company to focus on its core BNPL and payment solutions. Klarna says they are leveraging AI to drive efficiencies ahead of IPO, but there are questions about whether AI can truly replace humans in such a customer-centric business.
Chime: Leading the Charge
At the forefront of the fintech IPO wave is Chime, the digital-first neobank that has captured significant attention. While estimates of its customer count vary widely — from 7 million to a reported 38 million — what remains clear is Chime’s strong foothold in the market. The company’s high adoption rate of direct deposits has been a key driver of its success, helping it foster a loyal customer base. With its primary revenue stream rooted in debit interchange fees, Chime has also diversified into areas like earned wage access and credit-building products.
Chime’s path to its IPO has been years in the making, with reports emerging in late 2024 that it had engaged bankers and lawyers to formalize the process. The company last raised $750 million in a Series G funding round in 2021, achieving a valuation of $25 billion.
In 2023, Chime hired seasoned executives, including Sarah Wagener, chief people officer, who was CPO during the DoorDash IPO, and Adam Frankel. In April 2024, Ron Shevlin reported that the company had up to 38 million members, but the valuation was reported to be $6.5 billion and revenue — down notably from their 2021 high. In 2024, Chime acquired Salt Labs, an HR technology company.
As Jason Mikula, publisher of Fintech Business Weekly, noted in January 2025, the Salt Labs acquisition might be a play for Chime’s extension beyond just being a neobank and to start selling its products through employers. Notably, Salt Labs founder Jason Lee also founded DailyPay, an earned wage access provider that works directly with employers. DailyPay is also reportedly getting ready to go public in 2025.
Stripe and Plaid: Quiet Giants Ready to Make Noise
Stripe, the payments processing leader, and Plaid, the data connectivity platform, are also heavily speculated to be preparing for their IPOs in 2025. Stripe, long considered one of the most valuable private fintech companies, has reportedly been laying the groundwork for a public debut. Known for its robust infrastructure and seamless integration with businesses of all sizes, Stripe’s IPO could redefine valuation benchmarks in the fintech sector. Its recent strategic partnerships and product expansions further indicate its readiness to enter the public markets.
Plaid, on the other hand, has been quietly but steadily building its dominance in the financial data space. With its technology enabling countless fintech apps to connect with users’ bank accounts securely, Plaid has become an indispensable part of the fintech ecosystem. Its public listing would not only showcase the strength of its business model but also highlight the increasing importance of data connectivity in financial services.
Revolut: A Rising Star in Fintech
Revolut, the U.K.-based mobile banking services company, is another strong contender for a 2025 IPO. As the third most valuable fintech on The Crunchbase Unicorn Board, Revolut has seen significant growth, with 2023 revenue reaching $2.2 billion and profits totaling $545 million. The company, founded less than a decade ago, has made a name for itself with innovative financial products and a robust global presence. Revolut has extended beyond basic banking and into more card lending, bolstered by executive adds that include Kris Huennekens, who joined as a notable US executive hire to both lead credit lending and add to the US team reach as they look to explore new markets and compete with our other mentions such as Chime.
Revolut’s early backers include Balderton Capital and Index Ventures, and its progress is often compared to other leading neobanks like Brazil’s Nubank. Nubank, which went public in December 2021, experienced a share surge of around 45% in 2024, showcasing the potential for neobanks to thrive in the public market. With its solid financial performance and ambitious growth strategy, Revolut’s upcoming IPO is highly anticipated.
So What Next?
As the fintech industry evolves, 2025 is set to be a defining year for many companies seeking to go public. Klarna, Chime, Stripe, Plaid, and Revolut are at the forefront of this movement, each with unique strengths and strategies that make their IPOs highly anticipated events. Whether it’s Chime’s focus on direct deposit adoption, Klarna’s strategic partnerships, Stripe’s infrastructure dominance, Plaid’s essential role in financial data, or Revolut’s impressive financial growth, these companies are shaping the narrative of fintech’s next big chapter in the public markets. Investors and industry watchers alike will be keeping a close eye on their journeys, as these IPOs could set the tone for the sector’s future.
