Online banking company Chime to cut 160 jobs

Online banking company Chime is laying off 12 percent of its employees or about 160 jobs to cut costs and improve efficiency.
IT network security issuesChime makes money by earning a fee from payment processors such as Visa every time a customer uses a Chime debit or credit card. It was valued at $25 billion in a funding round led by Sequoia Capital Global Equities in August last year.

Chime was launched in 2012 by former Visa Inc executive Chris Britt and Comcast alumnus Ryan King. Chime’s competitors include digital banks Revolut, Current and Varo.

Earlier this year, Reuters had reported that Chime could aim for a valuation of nearly $40 billion for an initial public offering in New York.