Chime raises $750m at $25bn valuation led by Sequoia Capital Global Equities

Chime has raised $750m in a funding round that values the American digital banking giant at $25bn.

Sequoia Capital Global Equities led the round, according to reports, with participation from SoftBank, General Atlantic, Tiger Global and Dragoneer Investment Group.

Founded in 2013, Chime offers a fee-free, user-friendly banking app, which provides an accompanying debit card – on which the business earns interchange revenue – and auto-savings account.

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The firm has taken advantage of the rise in digital banking during the pandemic, with its latest valuation $10bn higher than in September.

With the new funding in place, Chime is said to be investigating an IPO in the first half of next year. CEO Chris Britt has previously said the company would look into the best option to go public, including a traditional IPO, a direct listing or via the increasingly popular Spac method.

Source: Fin Extra

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