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.