Chime Financial has raised $750 million in its latest funding round led by Sequoia Capital Global Equities, valuing the financial services startup at $25 billion.
Other major investors in the Series G round include SoftBank Group’s Vision Fund 2, General Atlantic, Tiger Global and Dragoneer Investment Group.
Launched by former Visa executive Chris Britt and Comcast alumnus Ryan King in 2012, Chime makes money by earning a fee from payment processors such as Visa every time a customer uses a Chime debit or credit card.
It provides financial services through partnerships with brick-and-mortar banks, primarily through a Chime-branded checking account with no fees and a ‘Spot Me’ feature that allows customers to go overdrawn without penalty.
Chime said it would use the funds raised to scale its operations and launch new products and services.
