Mobile banking giant Chime has reportedly hit a $25bn valuation following the close of a $750m round, which could be the precursor to an IPO later this year.
The fresh round was led by Sequoia Capital Equities, with commitments also coming from SoftBank Group, Vision Fund, General Atlantic, Tiger Global and Dragoneer Investment Group, according to a report from Reuters.
With this capital injection, Chime plans to increase its operations and release new products and services.
As part of the deal , the FinTech decacorn has appointed Dallas Mavericks CEO Cynt Marshall, Piper Sandler vice chairman Jimmy Dunne and Raftr founder and CEO Sue Decker as independent directors.
It was reported earlier in the year that Chime was in discussions for an IPO, which could put its valuation at $30bn. There is no specific timeline for the floatation; however, the CEO Chris Britt had previously said the company is past the point of needing to raise capital and hopes Chime will become a large and independent public company.
Chime’s previous funding round was a $485m Series F round in September 2020. The round, which earned it the accolade of highest valued consumer-focused FinTech in the US, put its valuation at $14.5bn.
The FinTech company was founded in 2012 by former Visa executive Britt and Comcast Corp alumnus Ryan King. It offers a range of mobile banking services, including a debit card and an auto-savings account.
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