Fintech firm Chime raises $750 million, scores $25 billion valuation

Aug 13, 2021 | The Block News | 0 comments

fintech-firm-chime-raises-$750-million,-scores-$25-billion-valuation

Chime Financial, a banking app company, has raised $750 million in a new funding round led by Sequoia Capital Global Equities.

The round, which drew support from the likes of SoftBank, Tiger Global and General Atlantic, among others, values the company at $25 billion, according to a report from the Wall Street Journal.

The latest round of funding is said to set the stage for a possible initial public offering sometime next year, the Journal said, citing a source. To date, Chime has raised more than $2 billion across a series of funding rounds since its founding in 2012. Indeed, Chime is one of a number of fast-growing, so-called neobanks that have drawn the attention of venture capitalists and sought to challenge the supremacy of traditional banking companies. 

Chime’s core offering is a mobile app that provides checking and savings accounts as well as Vias debit and credit cards. 

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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