Here Are The Fintech Companies That Could Go Public In 2025

After several quiet years, it appears that 2025 may be the year that the U.S. market finally sees a flurry of fintech IPOs.

F-Prime Capital — a VC firm with more than $4.5 billion in assets under management that tracks the performance of emerging, publicly traded and privately held financial technology companies — is bullish on the space, noting in a recent report that: “In 2025, there is hope that the fintech IPO winter is thawing.” (To be clear, when F-Prime refers to fintech, it includes both financial technology and crypto/blockchain startups.)

While it is not certain that any of the fintech companies cited by F-Prime will actually go public, we are encouraged by those that have gone as far as to file S-1s or F-1s.

Here are some of the fintechs we’re keeping our eyes on.

Klarna

Klarna filed a draft registration statement with the U.S. Securities and Exchange Commission in November, and in March the Swedish fintech giant made its F-1 prospectus public. It’s reportedly hoping to raise at least $1 billion at a $15 billion valuation.

By early April, Klarna seemed to be hitting an indefinite pause on its plans after President Trump announced sweeping tariffs. At its peak, Klarna — which has evolved its model to do more than just buy now, pay later — was valued at $45.6 billion.

More recently, Klarna was valued at $14.6 billion. Since its 2005 inception, the company has raised over $4.5 billion in funding from investors such as Sequoia Capital, General Atlantic and Silver Lake. Unlike many other fintechs, Klarna is profitable and turned net income of $21 million in 2024.

Circle

Rumors have swirled that Circle, which uses stablecoins for payments and e-commerce, might be acquired by Coinbase or Ripple. But the New York-based fintech opted instead to go the public route, formally launching an initial public offering on May 27.

The company will trade on the New York Stock Exchange under the ticker symbol CRCL.

According to its S-1, Circle hopes to raise $624 million through the sale of 24 million shares of Class A common stock at a price range of $24 to $26, for a nearly $6 billion valuation.

Since its founding in 2013, Circle has raised about $1.1 billion from investors including Coinbase, General Catalyst, Accel, BlackRock and Alumni Ventures. Circle was last valued at $9 billion and sources cited by F-Prime estimate the company is approaching $2 billion in revenue and has more than $50 billion in reserves.

Chime

Chime, which bills itself as a digital bank for the masses, in mid-May filed for its long-awaited initial public offering. Founded in 2012, San Francisco-based Chime has raised more than $2 billion in funding from firms such as Menlo Ventures, General Atlantic, Forerunner, Flourish Ventures and Iconiq Growth.

But it is not yet profitable. Chime’s S-1 revealed it generated $1.67 billion in revenue in 2024 on $25 million in losses. However, that’s an improvement compared to 2023, when it saw $1.3 billion in revenue and $203 million in losses.

Chime was last valued at $25 billion when it raised $1 billion in 2021.

On June 2, Chime said it plans to offer 32 million shares at a price of $24-$26 each. At the upper end of that range, Chime would raise as much as $832 million and be valued at around $11.2 billion. Its stock will trade on the Nasdaq under the symbol CHYM.

Stripe

There is perhaps no IPO more anticipated than that of payments giant Stripe. However, the company seems to be doing so well as a private company that some speculate it has no reason to take to the public markets.

Stripe, which has dual headquarters in San Francisco and Ireland, is not only the most valuable fintech in the world, it’s one of the most valuable private companies, period.

But instead of going public, it’s thus far been offering early investors and employees liquidity through secondary sales. In February, for example, Stripe announced a tender offer in which investors would buy up shares from current and former employees at a valuation of $91.5 billion.

Stripe passed the $1.4 trillion total payment volume threshold in 2024. Says F-Prime: “There are no perfectly reliable sources for Stripe’s revenue, but some sources estimate they surpassed $16B in 2023.”

Since its 2010 inception, Stripe has raised more than $9 billion in funding from investors such as General Catalyst, Y Combinator, Andreessen Horowitz, Sequoia Capital and Khosla Ventures.

Whether it finally decides to take the plunge into the public markets remains to be seen, but if it does, there is no doubt its filing will be devoured by media and fintech enthusiasts alike.

Slide Insurance

Slide Insurance, a Tampa, Florida-based insurtech, in May filed registration paperwork with the SEC to go public. The company will be listed with the ticker symbol SLDE on the Nasdaq exchange, according to its S-1. It has not yet stated at what share price it plans to hit the public markets.

Slide could raise as much as $300 million with the initial public offering, according to news reports.

The company has raised a total of $770 million since being founded in 2021, per Crunchbase data. Gries Investment Funds and TampaBay.Ventures backed its $100 million Series A in 2021 and the remainder of its funding since then has been debt financing.

Could IPOs kickstart funding?

Global funding to financial services companies has declined dramatically from the peak of the funding frenzy of 2021 when Crunchbase data shows fintech startups raised a collective $127.7 billion.

By stark contrast, financial services companies raised just $36 billion in all of 2024. Through May 30, fintech startups have brought in $18.3 billion in funding so far in 2025. If investors are finally able to gain liquidity in 2025 thanks to successful fintech IPOs, that could unlock funding again.

 

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Illustration: Dom Guzman