Fintech Giants Plot Wall Street Comeback in 2025
May 1, 2025 — New York — After a long pause in public offerings, fintech is once again heading for the trading floor. A string of well-known companies are preparing to go public this quarter, marking a shift in market sentiment as investors warm back up to financial technology.
Among the most closely watched is Chime, the digital banking platform that built its reputation on zero-fee checking and an easy-to-use app. People familiar with the company’s timeline say it could debut later this year. Valuation estimates have hovered around $25 billion, though sources caution that pricing will depend heavily on overall market appetite by the time the stock hits the board.
Klarna, the company that helped push buy-now-pay-later into the mainstream, is moving forward with plans to go public in the U.S. This time around, though, expectations are more measured. People tracking the deal say the valuation is likely to land near $15 billion — a far cry from the $45 billion peak it reached a few years ago when investor enthusiasm for BNPL was at its highest. The company has since tightened operations and expanded its U.S. partnerships, signaling it’s taking a more grounded approach ahead of its debut.
Circle, the firm behind USDC, has moved its headquarters to New York in preparation for its listing. Those close to the process say the relocation brings the company closer to both regulators and the financial institutions it wants to serve. Circle has long positioned itself as a connective layer between blockchain infrastructure and traditional banking — and its IPO will be closely watched as a bellwether for crypto-aligned firms entering the public space.
eToro, which shelved a planned SPAC merger back in 2022, is now proceeding with a traditional IPO filing. The trading and social investing platform plans to list on Nasdaq and is reportedly aiming for a valuation above $5 billion. Its appeal lies in its multi-asset offering, allowing users to invest in stocks, crypto, ETFs, and more — all within a socially interactive interface.
Meanwhile, the Fintech IPO Index, which tracks newly public financial technology firms, has jumped nearly 14% this quarter. The rally is seen as a sign that investors are warming back up to the sector, especially when companies show stable growth and disciplined operations.
As more filings are expected in the second half of the year, this initial wave could set the tone for what may become the strongest fintech IPO run since 2021.
For broader context, see the Fintech IPO Index Q2 report.
