Chime Financial Inc. is planning to launch its initial public offering as soon as Monday, according to people familiar with the matter, as US listings bounce back from a disappointing April.

The no-fee banking services company is weighing a valuation of about $11 billion, one of the people said, asking not to be identified as the information isn’t public. Chime was valued at $25 billion after raising $750 million in a funding round in 2021, according to an announcement at the time.

The San Francisco-based firm, which filed for a listing with the US Securities and Exchange Commission in May, is set to disclose how much it will seek to raise in the IPO.

No final decisions have been made and details of the offering including valuation and timing could change, the person said, asking not to be identified as the information isn’t public. The Information reported the valuation and timing earlier.

A representative for Chime declined to comment.

US IPO volume rebounded in May after retreating in the previous month as markets reacted to the trade frictions sparked by US tariffs. New listings have raised $7.1 billion in the month to date, up from $4.4 billion in April and nearly double May 2024’s total, data compiled by Bloomberg show.

Chime disclosed net income of $12.9 million on revenue of $518.7 million for the first three months of 2025, according to its latest filing. That compares with net income of $15.9 million on revenue of $392 million a year earlier.

The company gives users bank-like services via an app, including checking and high-yield savings accounts, though it doesn’t operate as a bank itself. Chime instead relies on banking services provided by Bancorp Bank and Stride Bank, it said in the filing.

Chime’s largest investors include affiliates of DST Global, Crosslink Capital, Len Blavatnik’s Access Industries, General Atlantic, Menlo Ventures, Sino French (Innovation) Fund and Iconiq Strategic Partners, the filing shows.

The offering is being led by Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. The company plans for its shares to trade on the Nasdaq Global Select Market under the symbol CHYM.